Genesis Trading And Grayscale are Heading For Bankruptcy As FTX Contagion Spreads

Genesis Trading And Grayscale are insolvent according to reports

After FTX it looks like Genesis Trading, a Crypto brokerage firm is being hit with insolvency issues.

A call has been scheduled with creditors where Genesis is expected to reveal its connection with Alameda Research and FTX. It is also speculated that the firm will dissolve GBTC and ETHE trust to pay their creditors.

Meanwhile, Autism Capital, a proof-of-stake infrastructure provider has claimed that it’s the Grayscale who controls GBTC and ETHE trusts not Genesis. Genesis Trading has reported that currently it has $175 million in locked funds in its FTX account. Hence, Digital Currency Group (DCG) which controls Genesis and Grayscale has given $140 million in equity to Genesis.

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