After FTX filed for bankruptcy in the US, its CEO, Sam Banks Manfred, also resigned, apologizing. The agency was headed by John Jay Ray, the latest to fix failed companies. There is also the fear of further market failure.
Many companies have also been affected by the collapse of the second largest cryptocurrency exchange, FTX. It has relationships with hundreds of companies in the cryptocurrency industry. Companies, mostly investors, were looking for legal ways to protect their assets. The latest investment firm Genesis Global Capital has gone public. Last week it suspended the loans. The company, whose fundraising efforts have been futile, has announced that it has no plans to file for bankruptcy anytime soon. But experts have warned of the risk of bankruptcy. Genesis’ financial problems were first raised in a Twitter announcement on November 16. Later, it was commented that the company, which has not issued a statement, had fallen victim to FTX.
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