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Genesis Global Trading’s Lending Unit Suspends Withdrawals and New Loan Originations

According to a new tweet by Genesis Global on Nov. 16, the institutional crypto lender says it will "temporarily suspend redemptions and new loan originations in the lending business." In explaining the decision, the firm cited "unprecedented market turmoil" related to the collapse of troubled cryptocurrency exchange FTX, resulting in "abnormal" levels of withdrawals that Genesis Global claims to exceed its current liquidity.

The firm also added that its current liquidity was negatively impacted by the collapse of hedge fund Three Arrows Capital in June. As part of bankruptcy proceedings, the brokerage has filed a $1.2 billion claim against Three Arrows Capital.

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