{"id":579843,"date":"2022-11-18T18:32:23","date_gmt":"2022-11-18T18:32:23","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=579843"},"modified":"2022-11-18T18:32:23","modified_gmt":"2022-11-18T18:32:23","slug":"genesis-block-has-50-million-stuck-on-ftx","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/genesis-block-has-50-million-stuck-on-ftx\/","title":{"rendered":"Genesis Block Reportedly Has Over $50 Million Stuck On FTX"},"content":{"rendered":"\n<ul><li>Genesis Block\u2019s exposure to bankrupt crypto exchange FTX is reportedly more than $50 million.<\/li><li>The considerable exposure has led to the firm suspending OTC trading services.&nbsp;<\/li><li>Withdrawals on the platform are said to be functional as of now.&nbsp;<\/li><li>One of Genesis\u2019 officials formerly served as a director at FTX in Hong Kong.<\/li><li>The firm used to be Asia\u2019s biggest Bitcoin ATM operator.&nbsp;<\/li><\/ul>\n\n\n\n<p>Crypto over-the-counter (OTC) trading platform Genesis Block has become the latest casualty of FTX\u2019s collapse. The Hong Kong-based firm reportedly has a significant chunk of its funds stuck on Sam Bankman-Fried\u2019s bankrupt crypto exchange&nbsp;<a href=\"https:\/\/en.ethereumworldnews.com\/ftx-bankrupt-sam-bankman-fried-resigns\/\" target=\"_blank\" rel=\"noreferrer noopener\">FTX<\/a>. According to a&nbsp;<a href=\"https:\/\/www.theblock.co\/post\/188335\/genesis-block-hk-has-more-than-50-million-stuck-on-ftx-source\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">report<\/a>&nbsp;published by The Block, people familiar with the matter have revealed that Genesis Block\u2019s current exposure to the Bahamas-based exchange stands at a whopping $50 million.&nbsp;<\/p>\n\n\n\n<h2><strong>Genesis Block is shutting down OTC trading services<\/strong><\/h2>\n\n\n\n<p>The firm is also shutting down its OTC trading services. Per a report by&nbsp;<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/hong-kongs-leading-crypto-retail-operator-says-it-ceases-trading-ftx-fallout-2022-11-18\/\" rel=\"noreferrer noopener nofollow\">Reuters<\/a>&nbsp;earlier today, Genesis Block informed its customers via email that it would be suspending all trading activities on the platform. Anticipating solvency issues at other crypto platforms as a result of FTX\u2019s predicament, the firm has decided to cease its operations starting 10 December 2022. It is now evident that the firm\u2019s exposure to FTX played a major role in suspending trading services.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>We have ceased trading, as we don&#8217;t know which counterparties would fail next, so we would rather close out all our positions to regain some of our liquidity,&#8221; Genesis CEO Wincent Hung told Reuters.<\/p><\/blockquote>\n\n\n\n<p>Interestingly, Reuters\u2019 had reported that one of Genesis\u2019 officials had previously served as a director at FTX\u2019s Hong Kong arm. The official in question reportedly resigned earlier this month.&nbsp;<\/p>\n\n\n\n<p>Withdrawals on the Genesis Block are said to be functional as of now. However, the platform has urged customers to withdraw their funds and refrain from making any deposits.&nbsp;<\/p>\n\n\n\n<p>Genesis Block used to be a major player in Asia\u2019s Bitcoin ATM space. Before selling its ATM business last year, the firm operated Asia\u2019s largest Bitcoin ATM network, spanning across Hong Kong and Taiwan.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hong Kong-based crypto OTC trading firm Genesis Block has over $50 million stuck on FTX. The firm had announced the suspension of trading services earlier today. <\/p>\n","protected":false},"author":62,"featured_media":579845,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,2,26],"tags":[108610,7704],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/579843"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=579843"}],"version-history":[{"count":3,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/579843\/revisions"}],"predecessor-version":[{"id":579847,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/579843\/revisions\/579847"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/579845"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=579843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=579843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=579843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}