Members of the cryptocurrency community expressed their views on the situation on social media shortly after cryptocurrency lender Genesis Global Trading filed for protection under Chapter 11 of the United States Bankruptcy Code in the state of New York. Members of the crypto community shared their thoughts on the latest event in what seems to be an endless string of bankruptcies in the cryptocurrency space. These views ranged from the conviction that no one will be held accountable to characterizing the entire concept of crypto lending as “stupid.”

There are others who feel that bankruptcy attorneys will emerge victorious in each of these contests.

A member of this group who identified himself as a Voyager creditor said the consumer’s cash would be used to pay the legal team $1 million and, in the end, “no one will be held accountable.”

Genesis has recently filed its application for chapter 11.

Bankruptcy attorneys profiting from crypto bankruptcies.

— Coin Bureau (@coinbureau) January 20, 2023 Cameron Winklevoss, Gemini co-founder, said the bankruptcy is “excellent news” and a move to get Gemini subscribers their money back. He referred to it as a “step.”

However, a community member responded to Winklevoss’s tweet stating once again that users are the only people affected.

According to the user, Gemini is “also guilty” for not doing enough research on how Genesis does business before forming a partnership with the company. During this time, a crypto analyst produced a diagram to show how crypto companies might have linked up during the current wave of bankruptcies the sector has been experiencing.

The expert believes that the bankruptcy of Genesis will shed light on the leverage cycle in the cryptocurrency market.

Some members of the community, who seem to be sick and tired of the negativity surrounding the area, have stated their lack of faith in cryptocurrency firms.

A commenter on Twitter said that people could no longer trust companies located in the United States since all companies were interconnected.

Billy Markus, the developer of Dogecoin (DOGE), also weighed in on the controversy, calling the whole notion of cryptocurrency lending “silly” and referring to everyone involved in the practice as “idiots.”