Crypto contagion hits more firms, China’s covid cases rise and banks get busy with mergers and hiring.
Fallout from the FTX bankruptcy continues. Digital-asset brokerage Genesis has spent the last few days seeking at least $1 billion in fresh capital, and is warning that it may need to file for bankruptcy if its fundraising efforts fail. Genesis halted redemptions shortly after revealing on Nov. 10 that it had $175 million locked in an FTX trading account. Meanwhile, Tampa Bay Buccaneers quarterback Tom Brady and the Golden State Warriors’ Steph Curry are among the celebrities that a Texas regulator is investigating for potential securities-law violations tied to their promotions of FTX.