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Search resuls for: "Alun John Elizabeth Howcroft"


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☆ Crypto broker Genesis suspends loan redemptions; Bankman-Fried, celebrities sued
  + stars: | 2022-11-16 | by ( Alun John Elizabeth Howcroft | Alun John | Elizabeth Howcroft | ) www.reuters.com   time to read: +6 min
Nov 16 (Reuters) - Crypto lender Genesis Global Capital suspended redemptions on Wednesday citing the failure of crypto exchange FTX, while court papers showed FTX founder Sam Bankman-Fried faces legal action, as its sudden collapse ripples across the industry. LEGAL ACTIONMeanwhile, U.S. court filings showed Bankman-Fried is facing legal action in the United States from investors alleging the company's yield-bearing crypto accounts violated Florida law. Bloomberg on Tuesday also reported that U.S. and Bahamian authorities were discussing the possibility of bringing Bankman-Fried to the United States for questioning. Elsewhere, crypto exchange Binance, in a response to a hearing on the crypto industry by a British parliamentary committee on Monday, said it had not contributed to FTX's collapse. The U.S. House Financial Services Committee said Wednesday it plans to hold a hearing in December to investigate the collapse of cryptocurrency exchange FTX.
☆ Crypto broker Genesis suspends redemptions; Bankman-Fried, celebrities sued
  + stars: | 2022-11-16 | by ( Alun John Elizabeth Howcroft | Alun John | Elizabeth Howcroft | ) www.reuters.com   time to read: +3 min
Nov 16 (Reuters) - Crypto broker Genesis Global Capital is suspending redemptions and new loan originations at its lending business, it said on Wednesday, in the latest sign of the industry fallout from last week's collapse of major crypto exchange FTX. "We have taken the difficult decision to temporarily suspend redemptions and new loan originations in the lending business. We are working diligently to shore up the necessary liquidity to meet our lending client obligations," a Genesis spokesperson said in a statement. U.S. court filings showed Sam Bankman-Fried, FTX's founder, is being sued in a U.S. class action by investors alleging the company's yield-bearing crypto accounts violated Florida law. The proposed class action filed late on Tuesday in Miami alleges that FTX yield-bearing accounts were unregistered securities that were unlawfully sold in the United States.
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