Alex Dovbnya
Genesis has halted redemptions as well as new loan originations at its lending arm
Prominent cryptocurrency firm Genesis has suspended customer withdrawals at its lending arm.
Derar Islim, interim chief executive officer, says that withdrawal requests currently exceed the available liquidity.
Genesis says that its trading and custody
Bitcoin plunged to an intraday low of $16,505 on the Bitstamp exchange.
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It seems that yet another firm has been hit hard by the collapse of the FTX crypto empire.
Genesis says that the decision was made in response to “extreme market dislocation.”
As reported by U.Today, crypto lending firm BlockFi appears to be on the cusp of bankruptcy due to its heavy exposure to FTX.
