Due to losses in FTX and uncontrolled withdrawals by customers post-FTX, crypto lending unit Genesis is facing financial crises. And from here, new apprehensions have started. 

Genesis is a subsidiary of Barry Silbert's DCG (Digital Currency Group). This will also have an impact on Genesis' sister companies across DCG. This can have an even worse effect on the crypto market, subsidiaries of DCG are: 

Grayscale

     Grayscale is the largest bitcoin fund. It is well known for sueing the SEC for rejecting its application to convert its fund GBTC into an ETF.

Foundry 

     Foundry, a maker of equipment for mining bitcoin and other PoW cryptos, holds a key position in the North American mining industry.

Luno

     Crypto exchange firm luno is one of the largest exchange in South Africa, Nigeria, Singapore, Malaysia and Indonesia.

Coindesk

     Coindesk is very simply a news provider platform of the Crypto market.
The blockchain data and research platform Lawnmower. And the cryptocurrency data analytics firm TradeBlock is its subsiary. 

Others 

     Companies that are not subsidiaries of DGC but rely on Genesis for the earn programme on their platforms are also at risk, such as the Gemini exchange.

Genesis Attempt 

All is Well or Not ?

The DCG says that all is well with other subsidiaries, but it does not seem so.