Genesis Global pauses withdrawals as FTX woes continue

The institutional crypto lender said it would “temporarily suspend redemptions and new loan originations in the lending business.” Genesis Global claimed that its spot, derivatives trading and custody businesses remain “fully operational.”

In explaining the decision, the firm cited “unprecedented market turmoil” related to the collapse of FTX. Genesis Global had $175 million worth of funds stuck on FTX.

[Via]

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