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Crypto lender Genesis stops withdrawals in wake of FTX failure
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fnlondon.comCryptocurrency lender Genesis told clients that it is suspending redemptions and new loan originations following the collapse of crypto exchange FTX.
The swift demise of FTX, which filed for bankruptcy last week, created unprecedented turmoil for Genesis, causing the company’s lending arm to be unable to meet all withdrawal requests, the company told clients on a 16 November call. The company said it would deliver a plan next week for its lending business.
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