Genesis Global Trading Inc. is laying off 20% of its 260-person workforce weeks after court filings revealed that the crypto brokerage firm lent $2.4 billion to the now-bankrupt crypto hedge fund Three Arrows Capital Ltd. Genesis, a wholly owned subsidiary of crypto conglomerate Digital Currency Group, was hit hard by the collapse of Three Arrows, which put down 50% collateral …
Cryptocurrency exchange CoinFlex plans to raise funds by issuing a new token that will offer a 20% annual return, in an effort to resume withdrawals after a client failed to repay a $47 million debt. “During the recent market volatility, a long-time customer of CoinFLEX’s account went into negative equity, meaning the Individual’s account currently holds a negative balance. CoinFlex …
