{"id":275645,"date":"2022-11-16T13:33:01","date_gmt":"2022-11-16T13:33:01","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=275645"},"modified":"2022-11-16T13:55:33","modified_gmt":"2022-11-16T13:55:33","slug":"genesis-crypto-lending-unit-halts-customer-withdrawals","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/genesis-crypto-lending-unit-halts-customer-withdrawals\/","title":{"rendered":"Genesis&#8217; crypto-lending unit halts customer withdrawals"},"content":{"rendered":"<p>Genesis' crypto-lending unit has announced that they are currently halting all customer withdrawals as a result of the FTX collapse.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Genesis\u2019 Crypto-Lending Unit Is Halting Customer Withdrawals in Wake of FTX Collapse &#8211; Coindesk<\/p>\n<p>&quot;Importantly, this decision has no impact on the business operations of DCG and our other wholly owned subsidiaries&quot;<\/p>\n<p>&mdash; Tree of Alpha (@Tree_of_Alpha) <a href=\"https:\/\/twitter.com\/Tree_of_Alpha\/status\/1592865447640453122?ref_src=twsrc%5Etfw\">November 16, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Genesis have issued a statement on their Twitter explaining the challenges of the past week caused by the FTX debacle.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Genesis\u2019s spot and derivatives trading and custody businesses remain fully operational. We continue to support our clients who rely on us during volatile market conditions to manage their risk and execute on their business strategies.<\/p>\n<p>&mdash; Genesis (@GenesisTrading) <a href=\"https:\/\/twitter.com\/GenesisTrading\/status\/1592867200809201666?ref_src=twsrc%5Etfw\">November 16, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Due to the default of Three Arrows Capital (3AC), Genesis' liquidity was negatively impacted along with the duration profiles of Genesis' lending entity, Genesis Global Capital.<\/p>\n<blockquote><p>&#8220;At Genesis we are entirely focused on doing everything we can to serve our clients and navigate this difficult market.&#8221;<\/p><\/blockquote>\n<p>Through the thread, Genesis highlights the &#8220;unprecedented market turmoil&#8221; the FTX collapse has created. This resulted in &#8220;abnormal withdrawal requests&#8221; that have since exceeded Genesis' current liquidity.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Our #1 priority is to serve our clients and preserve their assets. Therefore, in consultation with our professional financial advisors and counsel, we have taken the difficult decision to temporarily suspend redemptions and new loan originations in the lending business.<\/p>\n<p>&mdash; Genesis (@GenesisTrading) <a href=\"https:\/\/twitter.com\/GenesisTrading\/status\/1592867208275046401?ref_src=twsrc%5Etfw\">November 16, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Genesis has since hired &#8220;the best advisors in the industry to explore all possible options&#8221; and has announced they will be delivering a plan for the lending business next week.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Genesis&#8217; crypto-lending unit has announced that they are currently halting all customer withdrawals as a result of the FTX collapse. Genesis\u2019 Crypto-Lending Unit Is Halting Customer Withdrawals in Wake of FTX Collapse &#8211; Coindesk &quot;Importantly, this decision has no impact on the business operations of DCG and our other wholly owned subsidiaries&quot; &mdash; Tree of [&hellip;]<\/p>\n","protected":false},"author":1398,"featured_media":275661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77873,60035],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Genesis&#039; crypto-lending unit halts customer withdrawals<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/genesis-crypto-lending-unit-halts-customer-withdrawals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Genesis&#039; crypto-lending unit halts customer withdrawals\" \/>\n<meta property=\"og:description\" content=\"Genesis&#039; crypto-lending unit has announced that they are currently halting all customer withdrawals as a result of the FTX collapse. 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