As the crypto loan provider Genesis Global Trading applied for Chapter 11 personal bankruptcy defense in New York, members of the crypto neighborhood went on social media to reveal their thoughts on the matter.

From thinking that nobody will be held accountable to identifying the whole crypto loaning idea as “foolish,” neighborhood members provided their thoughts on the most recent addition to the seemingly perpetual insolvency spree within the crypto area.

Some think that the winners in all of these events will be insolvency attorneys. According to a neighborhood member who declared to be a Voyager creditor, client funds will be utilized to pay million to the attorneys and in the end, “no one will be held accountable.”

“Gemini co-founder Cameron Winklevoss pointed out the insolvency is”great news”and an action toward Gemini users getting their refund. Still, a neighborhood member called out Winklevoss ‘tweet and restated that the only victims are the users. According to the user, Gemini is”likewise as guilty”for not doing its due diligence on Genesis’method of operating before partnering with them . Related: CFTC commissioner requires worldwide market standards in crypto guideline Meanwhile, a crypto analyst producedan illustrationof how crypto companies were possibly connected throughout the recent personal bankruptcies the industry faced

. According to the expert, the Genesis insolvency will expose crypto’s take advantage of cycle. Genesis bankruptcy is going to reveal the whole crypto leverage cycle. Delight in. pic.twitter.com/X9zduPzlQY!.?.!— Alfa (@alphaketchum) January 20, 2023 Seemingly sick and tired of the negativeness that surrounds the area, some neighborhood members expressed their absence of rely on crypto companies. A Twitter user stated that people couldn’t trust United States-based companies anymore, as they were all connected. Dogecoin(DOGE)creator Billy Markus likewise commented on the concern, calling the whole concept of crypto lending as”dumb “and calling everyone involved an”moron.”