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Unraveling Genesis's Financial Crisis
This chapter investigates the financial mismanagement of the bankrupt crypto lender Genesis, revealing a $1.1 billion hole in its balance sheet due to improper fund transfers and misleading reporting. The discussion highlights the breakdown of trust among creditors and Genesis's struggles with its parent company, Digital Currency Group, amid a liquidity crisis. As the chapter unfolds, it raises critical questions about transparency, accountability, and the implications of dubious financial practices in the crypto lending landscape.