Market Wrap: Genesis Withdrawal Suspension Looms Over Cryptocurrencies

on a call that Genesis is exploring solutions for the lending unit, including finding a source of fresh liquidity. He said Genesis intends to detail its plan to clients next week.an institutional client base and had $2.8 billion in total active loans as of the end of the third quarter of 2022,that Genesis’ trading and custody services via Genesis Trading, which acts as Genesis Global Capital’s broker/dealer, remain fully operational.

. This decision was made in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion," said Amanda Cowie, vice president of communications and marketing at DCG.to FTX’s liquidity crisis and subsequent filing for Chapter 11 bankruptcy protection last week. The industry is already reeling from multiple debacles earlier this year, including the collapse of the terraUSD stablecoin and the LUNA token that backs it.

for the industry. “The improper custody of funds and reckless risk management continue to have a devastating impact on innocent consumers. It is totally unacceptable…We urge those who continue to build this industry, as well as the SEC, FDIC and other regulatory bodies to work together in order to ensure the well-being of investors and uproot bad actors from our industry.Bitcoin fell about 1.

JPRubin23 GWilliamsJr_CMT _jocelynyang_ Well I think now is the best time to spend more usdt to buy cheap crypto

JPRubin23 GWilliamsJr_CMT _jocelynyang_ The race is near

JPRubin23 GWilliamsJr_CMT _jocelynyang_ oooh didn't know they offered loans, bad news.

JPRubin23 GWilliamsJr_CMT _jocelynyang_ Why they do loans when they can buy cheap 🤔

JPRubin23 GWilliamsJr_CMT _jocelynyang_ Why so. .Is ftt the reason

JPRubin23 GWilliamsJr_CMT _jocelynyang_ No shit Sherlock. Always with shitty news

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Crypto Lender Genesis Suspends Withdrawals: FTX Collapse Created 'Unprecedented Market Turmoil'The crypto firm with some $3 billion in loan volume is the latest to suspend customer withdrawals. Kid was very smart and scammed many people out of millions of dollars that they'll never recover FTX is was just a catalyst or window into the cryptocurrency ponzi scheme and many are going to suffer yugely.
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Crypto Market Slides After Genesis Withdrawal Halt, and Big Investors Hunt for BargainsBitcoin ($BTC) and other digital assets extended losses Wednesday after the announcement that Genesis was temporarily halting redemptions and new loan originations, but institutional interest will remain helenebraunn _jocelynyang_ report HeleneBraunn _jocelynyang_ 'Institutional interest' is not a positive thing. HeleneBraunn _jocelynyang_ Another day in Crypto. More companies dying. Last one out. Gets to hear the theme from FROZEN while on hold. HeleneBraunn _jocelynyang_ These losses allowed me to spend more usdt to buy bitcoin and other promising projects
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Genesis Global halts withdrawals citing 'unprecedented market turmoil'Another one bites the dust? Crypto lender Genesis has halted withdrawals, citing “unprecedented market turmoil.' stoolpresidente 👀👀 SBF...was send from WEF to destroy Crypto....next is Tether!!!! No amount of market turmoil is justification for halting withdrawals. You hold customer funds 1:1 or your operating a fractional reserve scam.
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