Watch: Grayscale Refuses Proof-of-Reserves + Genesis at Risk | Bitcoin Doomsday Looms Closer
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The question of whether Genesis Trading and Digital Currency Group (DCG) will go bust currently hangs over the crypto and Bitcoin market. In the event of bankruptcy, DCG could be forced to liquidate its cash cow, Grayscale and its Grayscale Bitcoin Trust (GBTC). Grayscale, one of the largest crypto investment firms in the world, announced that it will not be sharing proof of reserves as other crypto companies. Meanwhile Genesis needs a $1 billion liquidity injection by Monday.
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~Grayscale Refuses Proof-of-Reserves + Genesis at Risk | Bitcoin Doomsday Looms Closer~
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~Grayscale Refuses Proof-of-Reserves + Genesis at Risk | Bitcoin Doomsday Looms Closer~
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Francisco Gimeno - BC Analyst The now called "FTX contagion" is very real, and it may cause a cascade of failure and crypto implosions. We don't know how big will be or which companies will be affected (would you have believed a month ago FTX would be in the position it is now?). Many names and companies are linked somehow to FTX and Alameda. Look at Genesis with possible problems with its funds (a rumour by now), or Grayscale which refuses the notion of Proof of Funds! This is affecting the whole market and this is very concerning for investors but also for those who believe crypto is a good tool of digital economy. Looking at the big picture it could be better if this happens now and the market is cleared of any project which doesn't really belong to this ecosystem. But meanwhile the suffering is there. Be careful and use the common sense educating yourself on how markets go and the macro picture is seen.