From Genesis to Gemini, How FTX's Collapse Signals No One Is Safe

tech.hindustantimes.com:

The fallout from FTX's collapse shows few signs of easing as the crypto industry reckons with direct exposures, plunging token prices, and newfound skepticism of even long-established participants.

Less than a week after Sam Bankman-Fried's empire filed for Chapter 11 bankruptcy, digital-asset brokerage Genesis said it will halt lending redemptions after revealing last week that its derivatives business had $175 million locked in an FTX trading account. Crypto exchange Gemini announced customer withdrawals are being delayed from its yield-generating product, given Genesis's role as a key partner in the program. And that's only one slice of the tangle of interconnections in an industry where FTX was a ubiquitous presence.

Hacks, scandals and scams have long shrouded the crypto world. But the fall of one of the most well-known firms in  the industry sends a clear signal: No one is safe. 

Here's a roundup of the status of the biggest participants in crypto -- from the miners to the exchanges, the banks to the token issuers.

Binance

Aside from FTX, no name has been more top-of-mind this week than Binance Holdings Ltd. On Nov. 6, the exchange's leader, Changpeng “CZ” Zhao, tweeted that he planned to sell a roughly $530 million of FTT, the native token of FTX. Since Bankman-Fried's undoing, CZ has positioned himself as the industry's new savior. Binance revealed more than $74 billion worth of assets on its exchange, through data compiled by blockchain data firm Nansen.

Gemini

Gemini Trust Co., the crypto platform run by Tyler and Cameron Winklevoss, said redemption by customers of its program used to earn yields is delayed amid a liquidity crunch at the main borrower of the product, Genesis Global. Other sides of Gemini's business