Institutional Crypto Lender Genesis Asked for $1,000,000,000 Emergency Loan Before Halting Withdrawals: Report

Institutional Crypto Lender Genesis Asked for $1,000,000,000 Emergency Loan Before Halting Withdrawals: Report


The Wall Street Journal reports that the institutional crypto lender Genesis asked investors for an emergency loan of $1 billion before announcing that clients would temporarily be unable to take out their funds.

Earlier this week, crypto lending firm Genesis suspended fund withdrawals due to liquidity issues caused by the collapse of the FTX exchange and Three Arrows Capital (3AC).

“Genesis had been exploring all possible options amidst the liquidity crunch resulting from the FTX news. After reviewing a number of options, we made the difficult decision to temporarily suspend redemptions and new loan originations in the lending business so that we can identify the best solution and outcome possible for clients.”

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In a confidential fundraising document that The Wall Street Journal saw, Genesis asked

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