Genesis’ crypto-lending unit halts customer withdrawals Genesis’ crypto-lending unit halts customer withdrawals

Genesis’ crypto-lending unit halts customer withdrawals

In light of the FTX collapse, Genesis is facing abnormal withdrawals requests beyond the limits of their current liquidity.

Genesis’ crypto-lending unit halts customer withdrawals

Cover art/illustration via CryptoSlate

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.

Posted In: Bear Market, Lending

Connect your wallet, trade with Orion Swap Widget.

Directly from this Widget: the top CEXs + DEXs aggregated through Orion. No account, global access.