Genesis Global Capital's decision to halt customer withdrawals was the latest shockwave for the hard-hit crypto industry. Bitcoin sank on Wednesday but the future impact on crypto markets is uncertain. shauryamalwa and JPRubin23 report.
Bitcoin was recently trading just below $16,700, down 1.4% over the past 24 hours as
Genesis Interim CEO Derar Islim told customers on a call that Genesis is exploring solutions for the lending unit, including finding a source of fresh liquidity. He said Genesis intends to detail its plan to clients next week. 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, "Today Genesis Global Capital, Genesis's lending business, made the difficult decision to .
In an email to CoinDesk, Gene Hoffman, president and COO of energy efficient blockchain Chia Network, noted in an email to CoinDesk that Genesis Global Capital is suffering from"the type of problem blockchains are built to solve."
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