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Today in Crypto: Genesis, 500 mill fraud, and more

A quick recap of recent events in the crypto markets

Headlines in #crypto continue popping in the wake of FTX's bankruptcy. It can be hard to keep track of what's happening with so much happening, so I'm sharing some headlines that stood out to me. Share any other stories you're following in the comments!

Here's some of headlines from crypto this week:

  • There's rising concern that crypto lending firm Genesis may file for bankruptcy soon, but a spokesperson for the company said they "have no plans to file bankruptcy imminently". The company also said they had "massively reduced" exposure to Alameda after the collapse of 3AC and had "no material exposure" to FTX's native token. Despite this, WSJ has reported that Genesis is seeking $1b in emergency funds due to a liquidity crunch.
  • Federal prosecutors in Washington state have charged two Estonian men with running a series of crypto scams that allegedly defrauded a combined $575 million. The two allegedly used a series of shell companies to launder their proceeds and spend investor's money on luxury cars and real estate in Estonia. Both men are charged with one count each of conspiracy to commit wire fraud, 16 counts each of wire fraud, one count each of conspiracy to commit money laundering.
  • Coinbase ($COIN), once worth over $79b, fell to under $10b for the first time since IPO. The stock has dropped around 84% in 2022, which may be due to a combination of an ongoing "crypto winter" and negative attention from rival exchange FTX's implosion.

What are your thoughts on these stories? And what other crypto stories have caught your eye? Share below in the comments!

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**This content is for informational purposes and is not investment advice. Investing involves risk of loss

#crypto #todayincrypto

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