Is crypto brokerage Genesis next in cue to go bankrupt?

livemint.com:

The FTX fiasco has continued to topple cryptocurrencies hysterically as investors' sentiment falters. The global crypto market valuation which was once around $1 trillion a couple of weeks ago, has dropped to below $800 billion with many cryptocurrencies correcting drastically. Billions of dollars of wealth have been wiped out! Can crypto investors handle more shocks? Bankruptcies seem to have become a trend in the past few months among crypto exchanges as illiquidity continues to be one of the major problems among them, and yet it sweeps off investors' trust leading to a free fall in the market. Looks like, the bankruptcy dilemma is not likely to end anytime soon and there is speculation that crypto brokerage Genesis Trading might be on the cue to get bankrupt.

Although FTX announced bankruptcy on November 11, investors were already in a panic selling the exchange's native token FTT a few days before the actual announcement. FTX's issues came into the limelight when its sister company Alameda's balance sheet raised questions about whose foundation was largely stacked with their native token FTT instead of an independent asset like a fiat currency or other cryptocurrencies. Despite Sam Bankman-Fried's assurance of everything was fine with FTX and the Group as a whole, however, everything came crumbling down eventually when FTX filed for Chapter 11 to begin an orderly process to review and monetize assets for the benefit of all global stakeholders.

Currently, at the time of writing, on CoinMarketCap, the global crypto market cap is around $781.26 billion down by 1.77%. The largest cryptos Bitcoin and Ethereum are below $15,800 and $1,100 --- down by around 2% each in the last 24 hours. Meanwhile, FTX tokens are