Genesis cites a liquidity crunch due to illiquid assets from FTX collapse

Genesis Trading

Genesis, a troubled cryptocurrency lender, reportedly wanted a bailout before it stopped allowing withdrawals this week.

One of the most recent casualties of the FTX collapse and the crypto contagion is Genesis Global Capital. According to reports, the lending platform stopped allowing withdrawals on November 16.

The WSJ reported on November 18 that the business had requested a $1 billion loan prior to the trade suspension. A “confidential fundraising document” that the outlet had access to was used as evidence.

Genesis requested a loan on November 17, and cited a “liquidity crunch due to certain illiquid assets on its balance sheet.”

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Roland is a Public Relations & Communications guru with an immense passion for the blockchain and crypto industry. A fusion of his expertise and passion led to the dawn of Optimisus in 2020.