The Genesis bankruptcy filing sparked mixed reactions from the community.

Genesis Global Trading as a crypto lender Filed for Chapter 11 bankruptcy protection. In New York, members of the crypto community took to social media to express their thoughts on the matter.

Believing that no one will be held accountable for labeling the entire concept of crypto-lending as “stupid,” community members are the latest addition to the seemingly never-ending bankruptcy campaign within the crypto space. Presented his thoughts.

Some believe that the winners in all these cases will be bankruptcy attorneys. According to a community member who claimed to be a Voyager creditor, customer funds will be used to pay millions to lawyers and in the end, “no one will be held accountable.”

Gemini co-founder Cameron Winklevoss Indicated Bankruptcy is “good news” and a step toward getting Gemini customers back. Still, one community member called out Winklevoss’ tweet and reiterated that the only victims are users. According to the user, Gemini is “just as guilty” for not doing so. doing Due diligence on how Genesis does business before partnering with them.

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Meanwhile, a crypto analyst created an example of how crypto firms were likely connected during all the recent bankruptcies the industry faced. According to the analyst, the Genesis bankruptcy will reflect the leverage cycle of crypto.

Seemingly sick and tired of the negativity surrounding the space, some community members expressed their lack of trust in crypto companies. A Twitter user said That people could no longer trust companies based in the United States, because they were all connected. Dogecoin (DOGE) creator Billy Marks as well Commented On the issue, calling the whole concept of crypto lending “stupid” and everyone involved in it as “stupid”.