News broke yesterday that crypto broker Genesis had suspended withdrawals.
CRYPTO BROKER GENESIS HALTS WITHDRAWALS – FT
— *Walter Bloomberg (@DeItaone) October 12, 2023
There is no confirmation on the company’s official channels, but no denials of the news have been published either. Moreover, the same was reported by reliable sources, so it is safe to assume that it is correct.
The situation of crypto broker Genesis
The crypto broker Genesis filed for bankruptcy in January this year, getting it to fall under the U.S. Chapter 11 bankruptcy procedure that allows it to restructure its debt and continue operating.
In addition, some companies in the group to which Genesis belongs have filed for bankruptcy, while others continue to operate.
On their official website they write that they are working on strategic actions to reach a solution aimed at all stakeholders with the goal of strengthening their business for the future. So it is assumed that they are trying to save the
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