Author: Emma Roth
Illustration by Alex Castro / The Verge
The lending arm of the cryptocurrency brokerage Genesis is suspending redemptions and new loan originations as it deals with a wave of withdrawals following the fall of FTX. In a statement on Twitter, Genesis says the “abnormal withdrawal requests” have exceeded its “current liquidity.”
FTX, which was once the third biggest cryptocurrency exchange by volume, filed for bankruptcy last week, causing panic to ripple through the crypto community as investors pull their funds from other exchanges in fear that they might suffer the same fate. This influx of withdrawals hit Genesis as well, which revealed last week that it has $175 million locked up in FTX.
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Illustration by Alex Castro / The Verge
The lending arm of the cryptocurrency brokerage Genesis is suspending redemptions and new loan originations as it deals with a wave of withdrawals following the fall of FTX. In a statement on Twitter, Genesis says the “abnormal withdrawal requests” have exceeded its “current liquidity.”
FTX, which was once the third biggest cryptocurrency exchange by volume, filed for bankruptcy last week, causing panic to ripple through the crypto community as investors pull their funds from other exchanges in fear that they might suffer the same fate. This influx of withdrawals hit Genesis as well, which revealed last week that it has $175 million locked up in FTX.
Continue reading…
Continue reading...