Market Wrap: Genesis Withdrawal Suspension Looms Over Cryptocurrencies

Market Wrap: Genesis Withdrawal Suspension Looms Over Cryptocurrencies


Crypto investors in the U.S. filed a class-action suit accusing Sam Bankman-Fried and the company’s host of paid celebrity promoters, including NFL quarterback Tom Brady, comedian Larry David, tennis player Naomi Osaka and NBA team the Golden State Warriors, with fraudulently promoting FTX yield-bearing account (YBAs). The plaintiffs called the FTX platform “a house of cards” and “Ponzi scheme… where the FTX Entities shuffled customer funds between their opaque affiliated entities, using new investor funds obtained through investments in the YBAs and loans to pay interest to the old ones and to attempt to maintain the appearance of liquidity.”

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