Because of the widespread impact of FTX’s demise, several U.S. regulatory authorities are now looking into the crypto exchange and other centralized operators. According to Barron’s, regulators in many states are now looking into Genesis Global Capital. As per Alabama Securities Commission Director Joseph Borg, who spoke with Barron’s, “several
The casualties of the FTX collapse are not seemingly slowing down. Evidently, the bankrupted crypto exchange’s fall caused the global crypto market cap to plunge to $780 billion on Monday. Popularly, November 2021 turned out to be the crypto summer when the crypto market cap rose to $3 trillion. Notably,
Genesis Global Capital, a lending division of Genesis Trading, temporarily halted withdrawals at the end of last week. The parent business, Digital Currency Group, said that they made the call because of the “extreme market dislocation” and “loss of industry confidence” that FTX’s collapse created. The corporation promptly applied for
Crypto lender Genesis turned up to clearly state that they have no intention to immediately file for bankruptcy. The Digital Currency Group-owned brokerage declared this through an email statement, as reported by Bloomberg. Genesis opts to do outreach to investors and clients seeking credits for recovery. Genesis spokesperson stated: “We
According to a report by WSJ, cryptocurrency lender Genesis attempted to obtain a $1 billion loan from investors to prevent a liquidity constraint caused by the impact of the bankruptcy of cryptocurrency exchange FTX. Genesis required the credit by Monday at 10 am EST. Because of “abnormal withdrawal requests which
Operating as the third largest crypto exchange, FTX is now at zero level due to its highly-spoken liquidity crunch. Moreover, the collapse of FTX has shook the entire investors community and large users for investing in crypto markets. At present the whole crypto market is bearish with fall in prices
On Wednesday, interim CEO Derar Islim said that Genesis Global Trading’s lending division has temporarily halted withdrawals and new loan originations in the aftermath of FTX’s bankruptcy. Genesis Global Capital, the division in charge of servicing institutional clients, has $2.8 billion in outstanding loans as of the end of the
The FTX Empire’s demise left many in the cryptocurrency community shocked. The crypto lending platform BlockFi was also impacted by FTX’s collapse. In the middle of the mayhem, BlockFi suspended withdrawals. Users were notified on November 11 that the New Jersey-based exchange will be restricting platform activities. BlockFi recently expressed
BlockFi, a cryptocurrency lender, stated on Monday that it will “consider all possibilities” to reduce its “significant exposure” to FTX’s bankruptcy. After the biggest blowup in the cryptocurrency industry prompted calls for stricter regulation, FTX founder Bankman-Fried also resigned as CEO. BlockFi stated: We do have significant exposure to FTX
On November 10th, Genesis Trading said that its parent firm, Digital Currency Group, will inject an additional $140 million in equity funding into the business. To “strengthen its balance sheet” and “position itself as a worldwide leader in crypto capital markets,” the business said it made this choice. The financial
