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Crypto Lender Genesis Suspends Withdrawals After FTX Collapse

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Cryptocurrency lender Genesis told clients it is suspending redemptions and new loan originations following the collapse of crypto exchange FTX

Cryptocurrency lender Genesis told clients that it is suspending redemptions and new loan originations following the collapse of crypto exchange FTX.

of FTX, which filed for bankruptcy last week, created unprecedented turmoil for Genesis, causing the company’s lending arm to be unable to meet all withdrawal requests, the company told clients on a Wednesday call. The company said it would deliver a plan next week for its lending business.

 

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Genesis’ Crypto-Lending Unit Is Halting Customer Withdrawals in Wake of FTX CollapseJUST IN: The lending arm of GenesisTrading plans to halt customer withdrawals. The unit discussed the matter with its institutional customers in a call on Wednesday morning. By NelWang GenesisTrading NelWang GenesisTrading NelWang Are yoou aware oof what is happening with DEX GenesisTrading NelWang 🫡
Source: CoinDesk - 🏆 291. / 63 Read more »