Breaking: Genesis Withdrawal Halt Could Stretch To ‘Several Weeks’
Genesis Withdrawal Updates: Amid difficult circumstances around liquidity crisis, Genesis trading issued a statement to its customers with an update on Wednesday. In an email to Genesis customers, the company’s interim CEO Derar Islim said it could take some ‘weeks’ instead of days to lift the withdrawal halt. Earlier, it was reported that Genesis owes users of Gemini exchange around $900 million. Overall, the situation is complicated considering that many companies are interlinked with the FTX funds.
Also Read: Crypto Portfolio Of Top Investors Including Richard Heart Revealed
Additional Time
In a latest communication to clients, Genesis said it could take additional time to resolve the liquidity issue. The email said Genesis is committed to being as transparent as possible with customers. It also said efforts are on to resolve the issue with the help of advisors. Genesis Trading felt the heat from FTX collapse as it halted withdrawals following news of significant liquidity crunch at the Sam Bankman-Fried crypto company.
“Genesis anticipates that it will take additional weeks rather than days to arrive at a path forward.”
In November 2022, Genesis stopped redemptions and initiation of new loans in response to the FTX collapse. At the time, the company said it was exploring the option of raising new funds. The reason cited was that the withdrawal requests exceeded the company’s liquidity following concerns over FTX. However, the company’s attempts to raise capital of around $1 billion were not successful. Following this, fresh efforts are on to raise at least $500 million.
Also Read: Elon Musk’s SpaceX & Boring Company Show Up As Alameda’s Top Investments
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Franklin Templeton CEO Dismisses 50bps Rate Cut, Citing ‘Robust Economy’ Ahead of FOMC
- Bitget Unveils ‘Universal Exchange’ Era to Mark 7-Year Anniversary
- Forward Industries Launches $4B Program to Boost Solana Holdings as Analyst Eyes $500 SOL
- Expert Identifies Bullish DOGE Flag as CleanCore Treasury Tops $160M With Fresh Purchase
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
- Bitcoin Price Prediction as Fed Decision Nears — Dump Before the Next Rally?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
