“Genesis’ Bankruptcy Plan” is Cramer’s Favorite News for Wednesday

Famous American TV Personality Jim Cramer becomes critical of the crypto market once again in his latest tweet where he claims that “crypto firm Genesis planning for bankruptcy filing” has become his favorite news for Wednesday.

By retweeting the opinions of Liz Ann Sonders, Managing Director and Chief Investment Strategist at Charles Schwab, Cramer agreed to the clever remarks made by her. Her tweet read “From Genesis to Exodus?” regarding Genesis plans on filing for bankruptcy.

For context, Genesis Global Capital is laying the groundwork for bankruptcy filing within this week, according to sources. This came from the rippling effect of the colossal failure of the crypto currency exchange FTX, after court papers showed founder FTX Sam Bankman-Fried will be facing legal actions.

Genesis Global Capital, has been in confidential negotiations with various creditor groups amid a liquidity crunch. The cryptocurrency lending unit of the Digital Currency Group warned recently that it could file for bankruptcy if it fails to raise cash. However the sources said that

negotiations are continuing and plans could change.

One of the spokesman for Genesis Global Trading said on Wednesday that they had taken the difficult decision to temporarily suspend redemptions and new loan originations in the lending business.

The spokesman had also said that Genesis was working to shore up the necessary liquidity to meet their lending client obligations and that Genesis’s trading and custody businesses were unaffected. Yet, recent updates depict a decline for the crypto currency lending unit.

This is not the first time the host of CNBC’s Mad Money, Jim Cramer decided to flog the crypto market with his opinions. In an earlier tweet, he said, “The manipulation of crypto shows you this is truly a sham market.”

Even though he himself has owned a farm with the earnings he cashed out of his crypto investments, he’s now wondering if the entire space is just one big con.