FTX Collapse Could Also Bring Down Genesis

Genesis Capital is urgently seeking $1 billion in funding to prevent bankruptcy, warning investors of potential financial collapse. The company's trading arm has $170 million tied up in FTX, leading to halted withdrawals. Meanwhile, FTX's bankruptcy proceedings reveal over a million customers affected and $3 billion owed to creditors. This situation highlights the broader crypto crisis, with global regulators closely monitoring developments.

What is the primary reason the lending unit is seeking $1 billion in fresh capital?

• To avoid filing for bankruptcy

• To expand its business operations

• To pay off existing debts

• To invest in new technologies

What action did the lending business take after its financial ties with FTX?

• It increased its interest rates

• It halted withdrawals

• It expanded its lending operations

• It filed for bankruptcy

During the FTX bankruptcy proceedings, how many customers were reported to have funds tied up?

• More than 1 million

• More than 2 million

• More than 3 million

• More than 500,000

How much money was owed to 50 creditors in the FTX bankruptcy case?

• $4 billion

• $3 billion

• $2 billion

• $1 billion

What is the global response to the FTX bankruptcy situation?

• A surge in crypto trading

• A decline in crypto regulations

• Regulators and lawmakers are closely monitoring

• Increased investment in crypto