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Genesis told customers on Nov. 10 that they had around $175 million stuck in an FTX account. Then, on Nov. 16, Genesis suspended customer redemptions in their loan business citing “unprecedented market turmoil.” DCG also owns Grayscale, whose $11 billion in bitcoin make them one of the largest holders in the world.
Silbert said Genesis’ decision to suspend redemptions and new loan originations on Nov. 16 did not mean the company’s solvency was at risk.
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