Crypto lender Genesis Global Capital suspended redemptions on Wednesday citing the failure of crypto exchange FTX, while court papers showed FTX founder Sam Bankman-Fried faces legal action, as its sudden collapse ripples across the industry.
protection in the United States on Friday in the highest-profile crypto blowup to date, after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal.
The spokesperson said Genesis was working to "shore up the necessary liquidity to meet our lending client obligations," and that Genesis' trading and custody businesses were unaffected. Several other crypto firms, including Crypto.com and stablecoin Tether said on Wednesday they had no exposure to Genesis. A spokesperson for the New York Department of Financial Services said it is monitoring the situation at Genesis.Crypto lender BlockFi, which previously acknowledged it has significant exposure to FTX, plans to lay off workers while preparing to file for bankruptcy, the Wall Street Journal reported on Tuesday.
Representatives for Bankman-Fried, Brady and Osaka did not immediately respond to requests for comment on Wednesday.
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