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Genesis lending unit halts withdrawals in aftermath of FTX collapse

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FTX logo with crypto coins with 100 Dollar bill are displayed for illustration. FTX has filed for bankruptcy in the US, seeking court protection as it looks for a way to return money to users.

Jonathan Raa | Nurphoto | Getty Images

In the latest fallout from FTX’s rapid collapse last week, the lending arm of the crypto investment bank Genesis Global Trading is pausing new loan originations and redemptions, the company announced in a thread of tweets Wednesday.

The lending arm of the bank serves an institutional client base and is known as Genesis Global Capital. At the end of its third quarter, it had more than $2.8 billion in total active loans, according to the company’s website.

“We recognize how challenging this past week has been due to the impact of the FTX news. At Genesis we are entirely focused on doing everything we can to serve our clients and navigate this difficult market environment,” Genesis wrote in a tweet.

“Our #1 priority is to serve our clients and preserve their assets.”

Genesis Trading, which acts as Genesis Global Capital’s broker/dealer, is independently…

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