Bitcoin ($BTC) and other cryptocurrencies fell as the digital-asset firm Genesis decided to temporarily suspend redemptions and new loan originations. JPRubin23 GWilliamsJr_CMT and _jocelynyang_ report
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.
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