Genesis, one of the cryptocurrency lending platforms, announced the previous day that withdrawal requests exceeded available liquidity following FTX's bankruptcy and that it would suspend lending and new loan origination.
According to WSJ, Genesis is requesting an emergency loan of USD 1 billion by Monday. Genesis is reportedly experiencing "a liquidity crunch due to certain illiquid assets on its balance sheet”
Last week, Genesis announced that about USD 175 million of its funds were locked in its trading account at FTX.
