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Does Crypto Have a Banking Problem?

The Breakdown

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The Bankruptcy of Crypto Trading Firm Cumberland

Genesis will continue to operate most of its non-lending businesses, including derivatives, trading, and custody. Cumberland clarified that although it was listed as being owed $18 million by Genesis, their inclusion in the creditors list was quote, misleading and incorrect information. Initial filings also gave us some additional clarity on what happened between Gemini and Genesis in the lead-up to the halting of withdrawals. There is an outstanding dispute around whether this liquidation was conducted in a commercially reasonable manner or in accordance with notice requirements.

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