###  News broke [yesterday](https://www.coindesk.com/video/genesis-crypto-lending-unit-pauses-customerwithdrawals-amid-ftx-collapse/) that Genesis’ Crypto-Lending Unit is affected by the FTX Collapse.

The fallout of the FTX collapse continues to become more apparent, as more and more companies are unable to operate. Just a few days ago, BlockFi paused withdrawals. Now, the lending arm of the crypto invesetment bank Genesis Global Trading is pausing new loan originations and [redemptions](https://www.cnbc.com/2022/11/16/genesis-lending-unit-halts-withdrawals-in-aftermath-of-ftx-collapse.html). 

Genesis is a less familiar name to retail crypto investors but it is a massive company. On January 27, 2022, Bloomberg reported that Genesis loaned a record $50 billion in the ‘last’ [quarter](https://www.bloomberg.com/news/articles/2022-01-27/crypto-brokerage-genesis-loaned-record-50-billion-last-quarter). 

The company’s own website states that in 2021, it handled $130B in loan originations, $116.5B in Spot Volume and $53.5B in Derivatives. Genesis addressed the crypto community through a tweet series: 

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">We recognize how challenging this past week has been due to the impact of the FTX news. At Genesis we are entirely focused on doing everything we can to serve our clients and navigate this difficult market environment.</p>&mdash; Genesis (@GenesisTrading) <a href="https://twitter.com/GenesisTrading/status/1592867198900768769?ref_src=twsrc%5Etfw">November 16, 2022</a></blockquote>  

In the tweet [series](https://twitter.com/genesistrading/status/1592867198900768769?s=61 ), Genesis was quick to clarify that not all services are affected: “Genesis’ spot and derivatives trading and custody businesses remain fully operational.” 

The parent company of Genesis, Digital Currency Group (DCG) also gave some reassurances on twitter to allay the worries about other companies under DCG like the well known Grayscale, behind the [Grayscale Bitcoin Trust](https://twitter.com/dcgco/status/1592868145286766592?s=61).  DGC categorically stated that “this temporary action” (pertaining to the pause in withdrawals) has no impact on the business operations of DCG and our other wholly owned subsidiaries. 

News broke yesterday that Genesis’ Crypto-Lending Unit is affected by the FTX Collapse.

Thu Nov 17 2022

Crypto Lender Genesis Pauses Withdrawals (Of New Loan Originations and Redemptions)

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FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Huobi Rocked by Reports of Executive Arrests and Accusations of Customer Fund Misuse

Breaking The Chains: Introducing BRC-69, The Bitcoin Standard Without Data Restrictions

Prototype Global Cryptoasset Mapping System Developed

Thu Nov 17 2022 Crypto Lender Genesis Pauses Withdrawals (Of New Loan Originations and Redemptions)

Ferrari to Accept Crypto Payments in the US; Plans to Include Europe Underway

Prototype Global Cryptoasset Mapping System Developed

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Huobi Rocked by Reports of Executive Arrests and Accusations of Customer Fund Misuse

Breaking The Chains: Introducing BRC-69, The Bitcoin Standard Without Data Restrictions

Prototype Global Cryptoasset Mapping System Developed

Thu Nov 17 2022

Crypto Lender Genesis Pauses Withdrawals (Of New Loan Originations and Redemptions)