Click 2 Promotions – Get Updated Info Automobiles to Health

Genesis Crypto-Lending unit halts customer withdrawals


Genesis’ crypto-lending unit has announced that they are currently halting all customer withdrawals as a result of the FTX collapse.

Genesis have issued a statement on their Twitter explaining the challenges of the past week caused by the FTX debacle.

Due to the default of Three Arrows Capital (3AC), Genesis’ liquidity was negatively impacted along with the duration profiles of Genesis’ lending entity, Genesis Global Capital.

“At Genesis we are entirely focused on doing everything we can to serve our clients and navigate this difficult market.”

Through the thread, Genesis highlights the “unprecedented market turmoil” the FTX collapse has created. This resulted in “abnormal withdrawal requests” that have since exceeded Genesis’ current liquidity.

Genesis has since hired “the best advisors in the industry to explore all possible options” and has announced they will be delivering a plan for the lending business next week.

The post Genesis Crypto-Lending unit halts customer withdrawals appeared first on CryptoSlate.


Source link

Exit mobile version