Creditors have sought legal advice on how to avoid suffering the fate of FTX, the failed Bahamas-based cryptocurrency-trading platform that is now involved in a messy bankruptcy proceeding, Bloomberg reported, citing sources familiar with the matter. (Bloomberg)

Talking point: The Canadian crypto community is paying close attention to Genesis’s efforts to avoid falling victim to FTX-related contagion because its related company Gemini holds hundreds of millions of dollars worth of Canadian companies’ crypto investments. As my colleague David R. and I reported, Gemini holds digital assets for Wealthsimple and Coinberry, and companies like Purpose that offer crypto ETFs. Representatives of some of those companies told The Logic they’re confident that Gemini’s custody services won’t be affected, regardless of what happens to Genesis. Some investors approached about providing a US$1 billion bailout to Genesis have expressed concern about its interconnectedness with its largest creditors, including Gemini, Bloomberg reported. Meanwhile, U.S. crypto exchange Kraken announced it was cutting 1,100 jobs.