On Nov. 16, Genesis Global Trading announced it would limit activities on the Genesis Trading platform and Gemini Earn application, including withdrawal suspension.
The company cited “unprecedented market turmoil” in its official announcement.
Heavily influenced by the bankruptcy of FTX and the previous collapse of Three Arrows Capital, Genesis Trading will pause all withdrawals and new loan supplies, confirmed by Derar Islim, CEO of the platform.
All the excitement over the bull market of 2021 has turned into despair. The market is sick and price crashes. It’s a spectacular act of FTX that went down in crypto history, even beating the Terra collapse earlier in June.
As a matter of fact, it was a trigger for a financial crisis for any platforms associated with FTX.
More Fallout is Coming
The crypto withdrawal halting started last week with crypto lender BlockFi’s shocking announcement, saying it would pause all client withdrawals…
