As Genesis Global Trading crypto lender filed for Chapter 11 bankruptcy protection in New York, members of the crypto community took to social media to express their thoughts on the matter.
From believing that no one will be held accountable to calling the entire concept of cryptocurrency lending “stupid,” community members have voiced their thoughts on the latest addition to the seemingly never-ending bankruptcy spree in the crypto space.
Some believe that the winners of all these events will be bankruptcy lawyers. According to a community member who claimed to be Voyager’s creditor, customer funds will be used to pay millions to lawyers and ultimately “no one will be held accountable.”
Genesis just filed for Chapter 11.
Bankruptcy lawyers make money from crypto bankruptcies.
— Corner Office (@coinbureau) January 20, 2023
” Gemini co-founder Cameron Winklevoss pointed the bankruptcy is “good news” and a step towards getting Gemini users their money back. Still, a community member called out Winklevoss’s tweet and reiterated that the only victims are the users. According to the user, Gemini is “also guilty” of not does thoroughly researched Genesis’ way of doing business before partnering with Genesis.
Meanwhile, a crypto analyst created an illustration of how crypto firms were potentially connected during the recent bankruptcies the industry faced. According to an analyst, the bankruptcy of Genesis will expose the cycle of cryptocurrency leverage.
Bankruptcy Genesis will reveal the entire cycle of crypto leverage.
— Alpha (@alphaketchum) January 20, 2023
Some members of the community, seemingly sick and tired of the negativity that surrounds the space, have expressed a lack of confidence in the crypto community. Twitter user he said that people can no longer trust companies based in the United States because they have all become interconnected. dogecoin (DOGE) also created by Billy Markus he commented in the matter, he called the whole concept of cryptocurrency lending “stupid” and everyone involved as “idiots”.