FIRST MOVER ASIA: Bitcoin hit a two-year low before recovering on FTX contagion fears after Genesis said it was trying to raise capital. Also: Singapore regulators are questioning their due diligence on FTX. Liqquity and thesamreynolds report.
The Wall Street Journal, citing people familiar, reported that, and that Binance declined to invest, citing potential conflicts of interest.
"We have no plans to file bankruptcy imminently," a Genesis spokesperson said."Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors." Mike Dershewitz, head of risk committee at Arca Funds, wrote Monday:"DCG can also sell off a portion of its Grayscale equity. Assuming $300M in annual net income, this cash flow stream should be worth at least $2.5B, depending on how a would-be investor/buyer values the longevity of this cash-flow stream.
One narrative centers on whether FTX received favorable treatment from the island nation’s central bank. Singapore's state investment fund, Temasek, had a $210 million investment in FTX that it has now written off entirely.– an affiliate of Binance, the world’s largest crypto exchange by trading volume – was placed on an Investor Alert List , while FTX was not.a 15-point statement addressing the issue.
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