According to an official announcement, Crypto lending firm Genesis is halting new withdrawal requests from its customers. The firm is a victim of the collapse of the crypto exchange FTX and is one of the many affected by bankruptcy protection filing in the United States.
The crypto lending firm Genesis stated the following about their operation and hinted at their next steps:
At Genesis we are entirely focused on doing everything we can to serve our clients and navigate this difficult market environment.
The collapse of FTX took the crypto market by surprise. The company’s former CEO, Sam Bankman-Fried, was a prominent figure in the industry, mingling with high-ranking government officials, celebrities, and regulators. Behind the scenes, Bankman-Fried was leading a house of cards.
