### The Wall Street Journal reports Genesis sought a $1B emergency loan from investors before suspending withdrawals on its site. 

According to the Wall Street [Journal](https://www.wsj.com/livecoverage/stock-market-news-today-11-17-2022/card/crypto-lender-genesis-sought-emergency-loan-of-1-billion-by-monday-573TThK17Ke15FYwJzLR), cryptocurrency lender Genesis sought an emergency loan of $1 billion from investors just before it suspended withdrawals from its site. 

In a confidential fundraising document obtained by the news organization, Genesis said it had a “liquidity crunch due to certain illiquid assets on its balance sheet.”

Genesis suspended customer redemptions last Wednesday, pointing at the collapse of Sam Bankman-Fried’s crypto exchange FTX as the reason. 

In an email to Reuters, Genesis said it "had been exploring all possible options amidst the liquidity crunch resulting from the FTX news." It also said that the decision to suspend withdrawals arrived after reviewing various options.

This is not the first time Genesis encountered issues from the bankruptcies of others. Early this year, Genesis was affected by the collapse of Three Arrows Capital, a crypto hedge firm that also filed for bankruptcy. Court records show that Genesis lent Three Arrows $2.4 billion.



The Wall Street Journal reports Genesis sought a $1B emergency loan from investors before suspending withdrawals on its site. 

Fri Nov 18 2022

The Wall Street Journal: Genesis Sought $1B Emergency Loan Before Suspending Withdrawals

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Fri Nov 18 2022 The Wall Street Journal: Genesis Sought $1B Emergency Loan Before Suspending Withdrawals

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Fri Nov 18 2022

The Wall Street Journal: Genesis Sought $1B Emergency Loan Before Suspending Withdrawals