OTC crypto exchange Genesis Block HK holds more than $50 million in FTX. According to The Block’s source and an email, the exposure was so severe that the company had to close its OTC crypto exchange Genesis Block HK. This is a Hong Kong-based decentralized cryptocurrency trading platform (OTC), which has funds in cryptocurrency exchange FTX. The exposure is estimated to be worth more than $50,000,000. Genesis Block was able to stop its OTC business in December 10 because of the magnitude of the impact.
“We regretfully will be closing the genesisblockotc.com portal site on 10 December (Fri), 2022 at 6:00 PM HKT . You can withdraw user balances via the OTC chat group. Do not deposit any crypto assets to the portal.
According to the source, and an email sent by Genesis Block to its customers, The Block has learned that the Hong Kong cryptocurrency retail service provider will close its OTC trading portal in December 10. According to a source familiar with the matter, Genesis Block used to manage one of the largest Bitcoin ATM networks across Asia. Genesis Block executives declined comment. Genesis Trading was one of the most severely affected by the FTX crash. It holds $175 million in FTX. Genesis Global Capital announced Wednesday that it had suspended the transaction citing “abnormal withdrawal requests” after the collapse of FTX. Its partners Gemeni and Gopax in Korea were immediately affected by the chain reaction. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comFoxyCoincu NewsTags: # Cryptocurrencies#MarketsBlockchaincryptoFTX CollapseGenesisGenesis Block HKliquidationlockedStuckwithdrawals