GENESIS SUSPENDS WITHDRAWAL: The BANK Run effects Continue

[Famous Grouse]

Genesis has suspended withdrawals on its $2.8 billion crypto lending platform due to the large number of withdrawal requests after the collapse of other exchange.

Genesis informed that withdrawal requests have exceeded available liquidity.

Trade safe.

[Wiwo]

You should always include links to external information shared in this forum so that other members can verify your news since the entire cryptocurrency market in is shambles since the hack of big exchanges. But above all, only invest what you can afford to lose even if CZ already advised the same.

[zasad@]

You should always include links to external information shared in this forum so that other members can verify your news since the entire cryptocurrency market in is shambles since the hack of big exchanges. But above all, only invest what you can afford to lose even if CZ already advised the same.

https://www.coindesk.com/business/2022/11/16/genesis-crypto-lending-unit-is-halting-customer-withdrawals-in-wake-of-ftx-collapse/
"Genesis’ Crypto-Lending Unit Is Halting Customer Withdrawals in Wake of FTX Collapse
The unit, known as Genesis Global Capital, serves an institutional client base and had $2.8 billion in total active loans as of the end of the third quarter of 2022."
Centralized services are crap.

[TastyChillySauce00]

Will this become the end for the lending platform in the crypto? They are always running out of liquidity. I thought that the lending platforms must be done through the revenue from the company to make sure the users are safe. That proves that if genesis has no enough liquidity to handle that.

Genesis has no choice other than waiting for more and more money to come from those people who took loan from genesis. lol

it seems like this bad news will be affecting the whole of lending platform ecosystem in the crypto. you may see more and more lending platform halting their withdrawal caused by they didn't have enough liquidity to handle that. This gonna be even worst. I hope that people are taking their money from another lending platform as soon as possible.