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Genesis Global Cryptocurrency Lender Halts Withdrawals


According to a new Tweet From Genesis Global on Nov. 16, the institutional cryptocurrency lender says it will “temporarily suspend repayments and new loan originations.”

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 exceed its current liquidity.

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

Although it is unclear what the firm’s liquidity levels are, Genesis Global had $175 million worth of funds tied up in FTX. In response, Digital Currency Group, the parent company of Genesis Global, sent its subsidiary an emergency capital injection of $140 million to cover losses.

Tether refuses to have exposure to Genesis

After Genesis Global Capital ceased withdrawals for FTX exposure, Tether clarified that it has “absolutely no exposure to Genesis or Gemeni Earn.” Likewise, he recalled that Tether tokens are backed 100% by its reserves and that the assets that support them exceed the liabilities.

Previously, Tether denied having any exposure to FTX, Alameda, or the exchange’s token, FTT. Paolo Ardoino, CTO of Bitfinex and Tether, quickly silenced the possible FUD that could be created from this open accusation, clarifying that his exposure “was null.”

Tether stated that it operates “business as usual” on a daily basis and that it is true to its “customers first” philosophy.

Cuba and Russia bet on cryptocurrencies to face economic sanctions

The governments of Cuba and Russia will allow mutual agreement options in rubles and cryptocurrencies. This, to facilitate cooperation in the context of sanctions against both countries.

Boris Titov, Commissioner for the Protection of the Rights of Russian Entrepreneurs, affirmed this statement during the Havana International Fair, according to TASS.

Titov recalled that Cuba and Russia are under sanctions, and the rotation of the dollar is the main financial mechanism in the world for mutual arrangements. In the context of the restrictions, the governments of the countries are forced to look for alternative payment options.

Messi joins as ambassador of Sorare

Sorare, the sport’s collectible NFTs platform, ad Lionel Messi has been its new ambassador for days with the intention of helping attract fans to establish connections with the clubs and players. Also to create new content and experiences for people.

Nicolas Julia, co-founder and CEO of Sorare, stated on CNBC that they expect Messi to help set new standards in the way they run their platform. Also sharing new content and fan experiences they collaborate with soon.





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