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Nov 16 (Reuters) - Crypto lender Genesis Global Capital suspended customer redemptions on Wednesday, citing the sudden failure of crypto exchange FTX, while court papers showed FTX founder Sam Bankman-Fried faces legal action. After a flurry of tweets and interviews by Bankman-Fried, FTX said he "has no ongoing role" at the company and does not speak on its behalf. 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. U.S. and Bahamian authorities were discussing the possibility of bringing Bankman-Fried to the United States for questioning, Bloomberg reported on Tuesday. Elsewhere, crypto exchange Binance said it had not contributed to FTX's collapse, in a response to a hearing on the crypto industry by a British parliamentary committee.

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, new loans to shore up liquidity
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Genesis is temporarily suspending redemptions and new loan originations at its lending business, the crypto broker saidon Wednesday, the latest sign of the industry fallout from last week's collapse of major crypto exchange FTX. loading"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. The suspension at Genesis "has no impact on the business operations of DCG and our other wholly owned subsidiaries", Digital Currency Group tweeted. Genesis Trading's derivatives business has approximately $175 million in locked funds on FTX, the company said Thursday.

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.

☆ Grayscale Bitcoin Trust falls as cryptocurrencies slide again
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

Nov 16 (Reuters) - Grayscale Bitcoin Trust (GBTC.PK), the world's largest bitcoin fund, fell almost 7% on Wednesday, as investors dumped more digital assets after last week's high-profile unraveling of crypto exchange FTX. The trust is a close-ended fund, whose short-term price is driven by supply, demand and market sentiment unlike an exchange traded fund that generally trades in line with its value. In June, Grayscale sued the U.S. Securities and Exchange Commission for nixing the digital asset manager's proposal to convert bitcoin trust into a spot bitcoin exchange traded fund. Grayscale bitcoin fund, which has $10.7 billion worth of bitcoin under management, has slumped about 75% in the past 12 months. Grayscale Ethereum Trust (ETHE.PK), which has $3.8 billion assets under management, shed 81% in the past year.

☆ The fallout of Sam Bankman-Fried's FTX spreads as Gemini Earn and Genesis Global Capital suspend withdrawals
▼ + stars: | 2022-11-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The crypto lending arm of Genesis Global Trading is suspending customer withdrawals, days after Sam Bankman-Fried's FTX filed for bankruptcy. Gemini Earn, run by the Winklevoss brothers, said it also paused withdrawals on its lending program. Genesis Global Capital is the lending partner of the Gemini Earn program, which lets users to lend their crypto to institutional borrowers. Genesis Global Capital, which is the crypto-lending arm of Genesis Global Trading, cited "the extreme market dislocation and loss of industry confidence caused by the FTX implosion," according to CoinDesk. Genesis Global Trading is capitalized separately and continues to provide full trading and custody services.

☆ Factbox: From Genesis to Voyager, crypto firms' exposure to FTX is coming to light
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Dado Ruvic/Illustration/File PhotoNov 17 (Reuters) - After major crypto exchange FTX filed for U.S. bankruptcy protection on Friday, the crypto industry is bracing for further fallout. While the extent of the contagion across crypto markets remains unclear, here are some firms that have given information about their exposure to FTX. GENESISThe crypto lending arm of U.S. digital asset broker Genesis Trading suspended customer redemptions on Wednesday, citing the sudden failure of FTX. It said it had no exposure to FTT, no exposure to Alameda Research and no loans to FTX. COINSHARESCrypto asset manager CoinShares has $30.3 million worth of exposure to crypto exchange FTX, CoinShares said in a statement on Nov. 10.

☆ After FTX's collapse, VCs across industries are finally admitting to crypto's failures — and they're preparing for 'more blows to come'
▼ + stars: | 2022-11-14 | by ( April Joyner | ) www.businessinsider.com time to read: +8 min

Investors stuck to crypto startups they considered "safe bets," but FTX's failure challenges that idea. Crypto startups held yacht parties through the summer and into early fall at events such as NFT.NYC and Messari Mainnet. "The whole crypto space is a high-leverage space, and it's susceptible to cascading failures." The events of the past week are unlikely to whet risk-averse LPs' appetite for crypto, investors told Insider. Even so, several investors who have backed crypto startups told Insider that despite the industry's recent travails, they remain believers in the technology.

☆ FTX to start U.S. bankruptcy proceedings, CEO to exit
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +4 min

LONDON, Nov 11 (Reuters) - Crypto exchange FTX is to start U.S. bankruptcy proceedings and CEO Sam Bankman-Fried is to step down, after a liquidity crisis at the cryptocurrency group that has prompted intervention from regulators around the world. The distressed crypto trading platform had been struggling to raise billions in funds to stave off collapse after a wave of withdrawals. "I'm really sorry, again, that we ended up here," said FTX founder Bankman-Fried, in a series of tweets after the commencement of the bankruptcy filing. FTX is under investigation by the U.S. Securities and Exchange Commission, Justice Department, and Commodity Futures Trading Commission, according to a source familiar with the investigations. Cyprus's Securities and Exchange Commission has asked FTX EU to suspend its operations on Nov. 9, the regulator said on Friday.

☆ Crypto startup Edge & Node's newly named interim CEO has a plan to make Web3 easier for software developers to build in
▼ + stars: | 2022-10-12 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

Edge & Node, the startup behind the Web3 protocol The Graph, has a new interim CEO, Brandon Ramirez. The same goes for the developers seeking to build decentralized apps, or dapps, as they're commonly called. Companies such as the decentralized-finance startups Sushi and Lido and the crypto research startup Messari have used The Graph for their development. Like many blockchain developers, Ramirez earned his programming chops in enterprise software. Ramirez, Tal, and Pohlmann founded The Graph in 2018 to help create some of that basic infrastructure.

☆ Exclusive: International money-transfer startup Higlobe gets $14 million from Battery Ventures
▼ + stars: | 2022-09-20 | by ( Emilia David | ) www.businessinsider.com time to read: +3 min

Higlobe targets international freelancers who do multiple money transfers in a year. International payments-transfer startup Higlobe has raised $14 million in a Series A round that Battery Ventures led. Higlobe, founded in 2020, uses asset-backed stablecoins to facilitate money transfers between countries, but end users never touch the stablecoins. Other investors in Higlobe include TTV Capital, FJ Labs, Reciprocal Ventures, Paxos, Digital Currency Group, Gokul Rajaram, and Raptor Group. A large portion of Higlobe's customers are freelancers, especially in international markets like Mexico where freelancing is on the rise.

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