From what I read the other day the big issue is that Genesis lent 1 Billion to Its parent company Digital Currency Group (DCG) and DCG cannot pay it back as they lent FTX a few billion for a pile of shit coins.
I don't think this shit is even legal and it looks like they did this to get around laws that stop them from gambling investor funds.
I told a buddy a few weeks back to get anything he can out of gBTC with the #NotYourKeys tag but he will never get it.
I spent a good hour over a few beers trying to explain why you need to hold your keys and I got the "OK sure" answer and knew he wasn't going to sell that garbage and get real coins.
I'm sure next time we sit down he will tell me how he lost all his "Bitcoin" investment as proof he shouldn't have listened to me.
Whatever I give up on trying to help people.
I told him a year before the Silver crash to get rid of it and get corn, I told him to start getting rid of all the properties last year and get corn on this dip and then he announced he bought and just didn't get it when I told him he bought NOTHING if he holds gBTC.
But he was born well off and has saved alot during his life so he will be just fine but will never know how well he could have had it if he had just bought the corn any number of times he was told it was in a dip.