Genesis preparing bankruptcy filing — could happen this week

lol

Its almost like those running Crypto businesses are all con men and liars, who were double and triple dealing with each other to boost their perceived value.

SBF, 3 Arrows, Genesis etc etc

The foundations are starting to really crumble now
 
Acinixys said:
lol

Its almost like those running Crypto businesses are all con men and liars, who were double and triple dealing with each other to boost their perceived value.

SBF, 3 Arrows, Genesis etc etc

The foundations are starting to really crumble now
Click to expand...

They all promised impossible interest on deposits. Anyone that asked the simple question: "Where does the interest come from?", didn't invest.
 
I have funds with Luno. Should I consider withdrawing my funds? I don't want to lose my money.
 
Pegasus said:
Different business model. I also have money there.
Click to expand...
Someone at my work said Luno would be going under and I was a bit worried. Must have been mistaken, or was just taking the piss as he knows I use Luno. :)
 
Olorin said:
I have funds with Luno. Should I consider withdrawing my funds? I don't want to lose my money.
Click to expand...

Luno responds: What happens if Digital Currency Group declares bankruptcy?

Luno's sister company declares bankruptcy — what it means for South Africans With threats of a lawsuit against parent company Digital Currency Group (DCG) and sister company and lending partner Genesis Global filing for bankruptcy, Luno has assured that it remains unaffected. Luno is a South...
mybroadband.co.za
 
Olorin said:
Someone at my work said Luno would be going under and I was a bit worried. Must have been mistaken, or was just taking the piss as he knows I use Luno. :)
Click to expand...
If you are worried then sell your holdings close it, or move your funds to your own wallet.

shlit happens.
 
Olorin said:
I have funds with Luno. Should I consider withdrawing my funds? I don't want to lose my money.
Click to expand...
generally the past year has been a wakeup call to many: it's not a good idea to hold much of your funds with an exchange, regardless of how healthy and safe they may seem, not any exchange

that aside, these are signs imo that a crypto exchange is "safer" than others:
- customer funds completely separate from that of the business
- long established transparency (e.g. auditors involvement, regulator involvement, police involvement, tax office involvement)
- multiple licenses held to operate in multiple countries
- NO shytcoins listed at all
- does not have its own token
- has never been hacked/compromised
- has been around for some years at the very least

fwiw Luno ticks every one of those boxes, even so, self custody for the majority of your savings is best
 
NarrowBandFtw said:
generally the past year has been a wakeup call to many: it's not a good idea to hold much of your funds with an exchange, regardless of how healthy and safe they may seem, not any exchange

that aside, these are signs imo that a crypto exchange is "safer" than others:
- customer funds completely separate from that of the business
- long established transparency (e.g. auditors involvement, regulator involvement, police involvement, tax office involvement)
- multiple licenses held to operate in multiple countries
- NO shytcoins listed at all
- does not have its own token
- has never been hacked/compromised
- has been around for some years at the very least

fwiw Luno ticks every one of those boxes, even so, self custody for the majority of your savings is best
Click to expand...
Thank you for the detailed response. I have a fair amount of money in my Bitcoin account but I'm down by like 30% so I'm hesitant on one hand to take my money out until Bitcoin improves (which it is at the moment) but if I take too long and it goes bye bye then I'm at massive loss so I guess I have to weight the risk reward.
 
Ja no I forgot about the BTC I had at Luno. Checked now it's worth 100k. Fsck that I cashed out.
 
stark contrast with all the other crypto chapter 11 cases, Genesis filed a recovery plan with their bankruptcy filing and expressed hopes for an actual timeline to emerge from it:
cointelegraph.com

Genesis eyes fast resolution to creditor disputes and bankruptcy exit in May

Sean O’Neal, a lawyer for the cryptocurrency lender Genesis, thinks the firm can resolve creditor disputes within a week and could exit bankruptcy by May 19.
cointelegraph.com cointelegraph.com

rat fahk Celsius filed for bankruptcy back in July, there is still no recovery plan filed :mad::sick:
 
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