Loading ...Bitcoin Slides After Genesis Suspends Withdrawals From Crypto Lending Business
…one of the oldest and most well-known cryptocurrency brokers…
The fallout from Sam Bankman-Fried’s massive farce continues as crypto brokerage Genesis suspends withdrawals from its lending business.
On Oct 10th, Genesis trading revealed that its derivatives business had around $175 million worth of funds locked away in an FTX trading account (hit by its exposure to bankrupt crypto hedge fund Three Arrows Capital, to which it had made a $2.4 billion loan).
On Nov 10th, Genesis trading announced that it will receive an additional equity infusion of $140 million from its parent company, Digital Currency Group. According to the company, this decision was made to “strengthen its balance sheet” and boost its “position as a global leader in crypto capital markets.”
BITCOIN = ~US$16,500 as of 9:30AM Wednesday Nov. 16, 2022