The reverberations of the FTX/SBF imploision conitnue.
WSJ with the report. The Journal is gated, but Reuters have the info:
- Cryptocurrency lender Genesis was seeking an emergency loan of $1 billion from investors before it suspended withdrawals on its website, the Wall Street Journal reported on Thursday, citing a confidential fundraising document.
- "Genesis had been exploring all possible options amidst the liquidity crunch resulting from the FTX news," the company said in an emailed statement to Reuters, adding that it took the decision to suspend redemptions after reviewing a number of options.
Leading crypto Bitcoin is holding on considering all the bad news for the sector. It'd be hard to draw much of a bullish conclusion from this chart, but it could be a lot worse!