Cryptocurrency News – Genesis Halts Withdrawals; Gemini’s outflows; Spike; Binance Voyager Offer; confidence in the wallet of the biggest gainer; Lawsuit against the promoters of FTX

Genesis Capital is suspending withdrawals, citing unprecedented market turmoil

He owns the leading crypto broker, Genesis Global Capital announce They are temporarily suspending redemptions and issuing new loans, becoming the latest victim of the FTX crash.

He blamed the decision to suspend redemptions on the “unprecedented market turmoil” sparked by FTXpse. company that has it $175 million on FTX It also experienced “abnormal withdrawal requests” that exceeded its liquidity.

In its third-quarter report, Genesis revealed that it had $2.8 billion in “active loans” through the end of September. The suspension has now raised concerns about Genesis and its business partners.

Shortly after the Genesis announcement, cryptocurrency exchange Gemini announced a temporary suspension of withdrawals on the platform, with Genesis serving as the lending partner for Project Earn.

The move from Genesis is in response to the severe market turmoil and loss of industry confidence caused by FTX’s implosion.

Cryptocurrency exchange Gemini records $570 million in withdrawals within 24 hours

Pioneering cryptocurrency trading Gemini also suffers from FTX infection. The platform recorded more than $570 million in cryptocurrency withdrawals in the last 24 hours.

According to the crypto and blockchain intelligence platform NansenGemini recorded $570 million in outflows compared to just $75 million in inflows in the last 24 hours. In the same period, the net inflows of the stock exchange increased to – 494.5 million dollars.

Similarly, Arkham Intelligence reported that the balances of digital assets in Gemini crypto wallets dropped from $2.2 billion to $1.7 billion in just 24 hours. FUD surrounding Gemini has led to a rise in money outflows.

Users’ concerns were exacerbated by the exchange’s pausing of its Earn program, which it partnered with Genesis Global Capital. Gemini has paused its payout program, citing “extreme market turmoil” and “the loss of industry confidence caused by FTX’s implosion.”

The true impact of the FTX crash on the cryptocurrency industry remains to be ascertained. More and more companies continue to announce various levels of exposure to a fiasco.

Binance Re-bids Voyager Digital’s Assets After FTX’s Bankruptcy

As the FTX implosion has affected companies associated with the exchange, including Voyager Digital, Binance US is now reportedly preparing to relaunch an offering for the bankrupt lending platform.

FTX deal to acquire cryptocurrency lender for $1.4 billion It was canceled after the stock exchange filed for bankruptcy. Voyager Digital confirmed via its official Twitter account that it is in talks with “several alternative bidders”.

In September, when FTX’s $1.4 billion bid for Voyager assets was announced, Binance participated in the bidding round but was rejected due to national security concerns.

Insiders now claim that Binance will relaunch its bid to acquire Voyager Digital as the startup’s operation has reopened. Voyager’s native token VGX jumped as much as 50% after reports emerged of a Binance.US offering.

The reports follow Changpeng Zhao Advertising that his stock exchange would set up an industry recovery fund to help rebuild the industry.

Trust Wallet Token (TWT) Soaring During Cryptocurrency Crisis, Gaining 100% In Seven Days

The collapse of FTX reinforced customer distrust of centralized exchanges (CEXs). The distrust made them turn to self-custodianship, making decentralized exchanges (DEXs) and DeFi the winners of the FTX implosion.

Trust Wallet, a pioneering DEX, was the biggest beneficiary that cryptocurrency users flocked to. As a result, its parent token, the Trust Wallet Token (TWT), is skyrocketing, gaining more than 100% in the past seven days.

7-day price chart for Trust Wallet Token (TWT). source: CoinMarketCap

TWT has been the biggest gainer in the past seven days, and today, too, it’s gained more than 12%. As a result of the price increase, TWT touched a new all-time high of $2.39. Trust Wallet is now ranked as the 46th largest cryptocurrency, with a market capitalization of $900 million.

While market leaders like Bitcoin (BTC) and Ethereum (ETH) are down 65% and 68% year-to-date, TWT is up over 195% year-to-date. This shows how fast the decentralized project is growing.

Year-to-date price chart for Trust Wallet Token (TWT). source: CoinMarketCap

The Trust Wallet Token pool highlights how DEXs are benefiting from the growing distrust of CEXs.

FTX investors are suing Bankman-Fried, the celebrity who promoted the exchange

In the wake of the far-reaching consequences of the FTX implosion, Sam Bankman-Fried, and the nearly a dozen celebrities who endorsed the exchange, came under fire. Class action lawsT submitted by FTX users.

The lawsuit alleges that celebrities including basketball superstars Stephen Curry and Shaquille O’Neal, recently divorced Tom Brady and Gisele Bunchen, and tennis star Naomi Osaka have “vociferously” promoted FTX.

According to the lawsuit filed by the investors, the bankrupt exchange took advantage of “inexperienced investors from all over the country.” The lawsuit alleges that it owes the American investors more than $11 billion in damages.

The suit, filed by attorneys from Moskowitz Law Firm and Boies Schiller Flexner LLP, through an FTX investor, alleges that FTX was a “deceptive” platform that “made numerous misrepresentations and omissions.”

The lawsuit adds more legal pressure on the SBF, as regulators seek to manage the effects of FTX’s internal implosion.

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