Bloomberg:
Sources: Genesis Global has $2.8B in outstanding loans, including ~30% of its lending made to related parties like its parent company DCG — The troubled brokerage Genesis Global has $2.8 billion in outstanding loans on its balance sheet, with about 30% of its lending made to related parties including …
RT Watson / The Block:
Dutch crypto exchange Bitvavo, which uses DCG for its staking service, says it can’t access ~$297M held at DCG and that DCG is “experiencing liquidity problems” — – Bitvavo said it can’t access 280 million euros ($297 million) held at DCG. — DCG controls troubled crypto lender Genesis Global Capital.
Nelson Wang / CoinDesk:
Genesis’ crypto lending unit, which had $2.8B in active loans in Q3, suspends redemptions and new loan originations; trading and custody units are unaffected — The unit, known as Genesis Global Capital, serves an institutional client base and had $2.8 billion in total active loans as of the end of the third quarter of 2022.
Bloomberg:
Sources: Genesis is struggling to raise funding for its lending unit and warns potential investors that it may need to file for bankruptcy if its efforts fail — Digital-asset brokerage Genesis is struggling to raise fresh cash for its lending unit, and it’s warning potential investors …
Stephanie Murray / The Block:
DCG’s Grayscale refuses to share proof of reserves, citing “security concerns”, as Grayscale Bitcoin Trust reaches new lows and DCG’s Genesis halts withdrawals — Grayscale will not show proof of reserves due to “security concerns,” after its bitcoin and ether products fell to all-time lows this week.
Matt Levine / Bloomberg:
Analysis of FTX’s calamitous balance sheet and Serum, a coin and protocol created by FTX, marked as the largest “deliverable” asset at ~$5.4B before November 8 — The box — There is so much, but I want to start with Serum. — If a troubled company has a few days …
Krisztian Sandor / CoinDesk:
A look at what went wrong at decentralized lending protocol Maple Finance, as $54M in loans, or 66% of its lending pools, turn bad and what could happen next — Maple Finance, the largest unsecured crypto lending platform, is grappling with a debt crisis while gearing up for a major system upgrade.
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