Crypto giant Genesis is 'days away' from bankruptcy after suffering steep losses in wake of FTX collapse: Firm owes creditors $3 BILLION - including $900M to Winklevoss twins

UK Daily Mail ^ | January 19, 2023 | Alex Hammer

[StAnDeliver]

"From reading this article, the whole industry is one big pyramid scheme."

Crypto flavors are only stable to the extent of (1) hilarious trust; but in seriousness, (2) the amount of i/o conversion to hard currency. Bitcoin might survive this Mt. Gox II, it might not. The ugly irony is that everyone under 60 in China -- who have all glommed onto all crypto as an alternative to the yuan, which is more a surveillance tool than an actual currency -- could bring the whole thing down with even a 40% selloff within 5 calendar days.

That would trigger the automatic gtfo from all the American/London/HK/global vanguard funds that already have surprisingly deep crypto holdings, and nuke BTC.X back to 2014 >100.

And when that happens, if anyone in the GOP who understands this (>5) and was willing to shred, is when you pull the thread on the sweater and unravel everything, starting with the already-underwater commercial real estate ponzi game.