Genesis sought $1 billion loan : WSJ

Genesis sought to obtain a credit facility from $1 billion prior to the implementation of the pause the refunds on your service. Unsuccessful.

Genesisone of the largest brokers in the crypto space, sought to borrow a loan $1 billion from investors prior to its lending arm, Genesis Global Capitalannounces the suspension of refunds on its service, according to the. Wall Street Journal.

According to the confidential document consulted by the U.S. newspaper, Genesis necessary to achieve the credit facility Monday morning due to the ” liquidity crisis due to some illiquid assets on its balance sheet.”

The cryptobroker, which notably ended up with $175 million tied up in FTX after its bankruptcy, unfortunately failed to get its hands on the funds, reports the WSJ.

The suspension of reimbursements announced Wednesday by its lending arm has affected several platforms, including Winklevoss exchange Gemini and the Coinhouse tricolor crypto-exchange.