Alex Dovbnya<\/p>\n
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Cryptocurrency broker Genesis has once again suspended withdrawals amid ongoing challenges <\/p>\n<\/div>\n
Cryptocurrency broker Genesis has reportedly suspended<\/a> withdrawals. Bitcoin, the largest cryptocurrency, has remained stable, currently trading at $26,591, according to CoinGecko data.\u00a0<\/p>\n The move that comes after the US Bankruptcy Court for the Southern District of New York approved a settlement agreement between Genesis and the FTX entities. This agreement resolves a dispute in which Genesis will pay $175 million to FTX<\/a>.\u00a0<\/p>\n However, this settlement has not been without controversy. Various objections were raised, including by an ad hoc group of Genesis Lenders and the Gemini Trust Company.\u00a0<\/p>\n Nevertheless, after several hearings and deliberations, the court granted the motion in favor of the settlement, overruling all objections.<\/p>\n In mid-September, Genesis<\/a> officially stopped all its cryptocurrency trading services, a decision stemming from the severe impacts of the Three Arrows Capital and FTX collapses on the company.<\/p>\n As reported by U.Today<\/a>, Genesis initially halted withdrawals for its digital asset lending unit back in November 2022. \u00a0<\/p>\n Earlier this year, Genesis Trading pruned<\/a> roughly a third of its staff due to its financial and legal problems.\u00a0<\/p>\n Genesis’s lending unit filed for bankruptcy earlier this January. \u00a0 \u00a0<\/p>\n<\/div>\n About the author<\/p>\nGenesis settlement approval \u00a0\u00a0<\/h2>\n
Genesis’s woes\u00a0<\/h2>\n
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