Gemini said it is working with Genesis and Digital Currency Group in an effort to find a solution that will allow users to redeem their funds from the crypto exchange’s Earn product. Gemin...
Tag: Finance firms
FalconX resumes use of Silvergate’s payment network
FalconX, the crypto prime broker, resumed use of Silvergate’s payment network after pressing pause on the partnership last week. “Due to the heightened risk environment and Silvergate’s wire pay...
Three U.S. senators ask Fidelity to reconsider bitcoin exposure in retirement plans
Three U.S. senators have again asked Fidelity Investments to reconsider a decision to allow retirement plan participants to invest in bitcoin, saying the industry has become increasingly “volati...
Genesis warns of possible bankruptcy without funding: Bloomberg
Genesis is having a hard time raising cash for its lending unit, and it is warning potential investors it could possibly file for bankruptcy if it is unable to do so, Bloomberg reported, citing people...
Miami’s crypto crowd sees silver lining around dark FTX clouds
Armies of developers, VC funders and CEOs descended upon Miami for two separate crypto conferences on Thursday as the shockwaves from FTX’s spectacular collapse continued to reverberate across the ind...
Crypto prime broker FalconX will no longer use Silvergate’s SEN network
Crypto prime broker FalconX will no longer use the Silvergate Exchange Network (SEN), according to an email sent by FalconX to clients and obtained by The Block. “Out of an abundance of caution ...
Ontario Teachers’ Pension Plan to write down $95 million FTX investment to zero
The Ontario Teachers’ Pension Plan (OTPP), one of the most important pension funds in the world, will write down all of its $95 million investment in FTX and FTX US. The OTPP had invested ...
Genesis sought emergency loan of $1 billion: WSJ
Genesis sought an emergency loan of $1 billion from investors before telling clients it was suspending redemptions in the wake of the collapse of FTX, The Wall Street Journal reported. Genesis s...
Uruguayan unicorn reports $5.6 million stuck in FTX as damage adds up
Uruguayan payments unicorn DLocal has $5.6 million tied up on FTX, the company said in a filing. “We are not working with any other crypto exchange as banking service, and our exposure to the cr...
Troubled crypto lender Vauld has $10 million stuck on FTX: Source
Troubled Asian crypto lender Vauld has funds stuck in the now-bankrupt crypto exchange FTX, two sources with direct knowledge of the matter told The Block. The exposure is worth around $10 milli...
ASX cancels years-long blockchain settlement and clearing system project
The Australian Securities Exchange (ASX) is dropping a long-in-the-making blockchain-powered replacement for its CHESS settlement and clearing system. The announcement caps a process subject to ...
3AC hunted by FTX, Alameda, founder claims. Sam Bankman-Fried disagrees.
Three Arrows Capital co-founder Kyle Davies said that “FTX, Alameda colluded to trade against clients” and “hunted” his company. “As their biggest client, we, 3AC, were hunted ...
Genesis Global Capital suspends redemptions, with impact spreading to Gemini
Genesis Global Capital, the lending business of Genesis Trading, temporarily suspended redemptions and new loan originations in the wake of FTX’s recent collapse and the earlier Three Arrows Cap...
Genesis halting customer withdrawals after FTX, 3AC collapses: CoinDesk
Genesis is temporarily suspending withdrawals and new loan originations, after it took large hits from Three Arrows Capital and FTX. Genesis will continue to offer over-the-counter trading for s...
Silvergate stock sinks 12% on FTX links
Crypto bank Silvergate shares tanked 12% as the ripple effects of FTX’s collapse continue. Last week, the La Jolla-based crypto bank said its exposure to FTX was limited to deposits, but ...
BlockFi preps possible Chapter 11 bankruptcy protection filing: WSJ
Crypto lending firm BlockFi is preparing for a possible Chapter 11 bankruptcy protection filing, according to the Wall Street Journal. The firm also plans to conduct layoffs, the journal reporte...
Crypto lender Salt halts withdrawals citing FTX impact
Crypto lending platform Salt paused withdrawals and deposits, according to a company email sent to customers. The firm said in a message attributed to CEO Shawn Owen that “the collapse of ...
Ark Invest picks up $2.8 million worth of Grayscale Bitcoin Trust shares
Cathie Wood’s Ark Invest bought shares in Grayscale’s Bitcoin Trust (GBTC) on Monday, days after the trust’s discount reached a new low. Ark purchased 315,259 shares of GBTC o...
FTX collapse to trigger structural change in crypto markets, away from centralization
The collapse of FTX last week will trigger significant market structure changes, namely moving away from a model of all-in-one platform centralization, crypto trading firm Cumberland said. The v...
Crypto lender Voyager reopens bidding process following FTX bankruptcy
Crypto lender Voyager has reopened the bidding process for its assets following the bankruptcy of crypto exchange FTX, which had been expected to buy them. The firm said in a statement: &#...
Celsius reveals $13 million in loans to Alameda Research
Troubled crypto lender Celsius reported exposure to the FTX exchange and sister trading firm Alameda Research that both filed for Chapter 11 bankruptcy protection on Friday. Celsius tweeted “in ...
Bahamas securities regulator freezes FTX assets
The Securities Commission of the the Bahamas said it has taken action to freeze assets of FTX Digital Markets and related parties. “The Commission is aware of public statements suggesting that c...
Genesis Trading says derivatives arm has $175 million locked up in FTX account
Genesis Trading revealed late Thursday that its derivatives business has exposure to FTX amid the crypto exchange’s ongoing collapse. “As part of our goal in providing transparency a...
Wall Street sees tightening of regulatory screws after FTX crypto catastrophe
Wall Street may not have seen the FTX debacle coming, but veterans of traditional finance recognize that once the dust settles there will be a new crypto paradigm. “Wall Street is clearly spook...
Genesis reports losses of around $7 million after hedging against market volatility
Crypto trading and lending firm Genesis Trading reported losses of around $7 million “across all counterparties” that include Alameda Research after it hedged and sold collateral on Tuesda...