The Rise and Fall of Genesis Global Trading
You may be surprised to learn that Genesis Global Trading, a prominent player in the cryptocurrency market, recently filed for Chapter 11 bankruptcy protection. This news comes on the heels of the company’s decision to lay off 30% of its workforce earlier this year.
Once a thriving business, Genesis Global Trading had a staggering $14.6 billion in active loans in March of 2022. However, this figure has plummeted by 80.8% to a mere $2.8 billion in September of the same year. To make matters worse, the company ceased originating new loans in November of 2022.
If you’re curious to see the decline for yourself, check out the interactive graph below:
Despite these troubling developments, Genesis Global Trading has yet to provide a comment on the situation. It remains to be seen what the future holds for this once-promising company.
Hot Take:
The downfall of Genesis Global Trading serves as a stark reminder of the volatile nature of the cryptocurrency market. It’s a cautionary tale for investors and businesses alike, emphasizing the need for careful risk assessment and strategic decision-making in this ever-changing landscape.
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