Genesis Lays off 100 employees

The biggest news in the crypto-verse for Jan. 18 saw rumors circulate suggesting that Genesis is preparing a prepackaged bankruptcy filing. Meanwhile, Ethereum development firm ConsenSys announced that it will lay off about 11% of its workforce.

Elsewhere, the Hong Kong-based exchange Bitlavo has been seized, the Bank of Spain has approved a euro-pegged stablecoin, the SEC is increasing its crypto actions, and Coinbase is halting its operations in Japan. Tucker Carlson has suggested that Bitcoin’s price pump could be due to ransomware demands. Plus, research on Bitcoin’s spot-to-futures ratio.

On Jan. 18, Bloomberg reported, “Genesis Global Capital is laying the groundwork for a bankruptcy filing as soon as this week.” The news gives some clarification as to a timeline for creditors to be paid back. However, the halting of dividends on Jan. 17 for DCG investors was perhaps the most significant indicator yet that things are looking dire within the group.

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