What happened
Genesis crypto trading platform has 2,800,000,000 $USD in outstanding loans on a balance sheet. The firm revealed it had about 175,000,000 $USD in its FTX account, and withdrawals were halted on the platform due to the situation on the market.
Genesis is a platform for trading, derivatives, and lending. Genesis is a counterparty to many in the digital asset space and is closely watched as a gauge of the industry's strength. It's among the lenders that suffered from the prolonged crypto fall.
The company has 2,800,000,000 $USD in outstanding loans. On 10 November the company revealed it had roughly 175,000,000 $USD worth of funds stuck in an FTX trading account. On 16 November withdrawals were halted on the platform, due to "unprecedented market turmoil" after the FTX collapse.
On 22 November the spokesman for Genesis said they are aiming to resolve the situation without filing for bankruptcy.
Case & protocol details
Evidence & learning
Sources and on-chain records
- report Report bloomberg.com
- report Report cointelegraph.com
- report Report nytimes.com
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