Dinarian Note: Call me a conspiracy theorist, or whatever you want but I am seeing the words, "RIPPLE and RIPPLE EFFECT" all too often these days EVERYWHERE, so I am pointing it out to you.
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It could be nothing, but I am bringing it to your attention...
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It is well known that the elites send messages via mainstream media.. Why are they targeting these words? Could THEY be alerting everyone of a possible Ripple settlement coming sooner than later?
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š„I will always keep a HODL bag of XRP, just in case it doesnt do what we are expecting it to do.. I suggest you do the same..š„
The ripple effect of FTXās collapse is yet to simmer. Crypto investment bank Genesis appears to be the latest victim. Reports have emerged that Genesisās lending unit, Genesis Global Capital, has halted withdrawals after it held a call on Wednesday with its customers,Ā its inability to meet withdrawal requests. Genesis Global Capital offered yields on cryptocurrency deposits.Ā
Interim CEO at Genesis Global Capital,Ā stated during the call that the firm is temporarily suspending redemptions and new loan originations. However, he added that Genesis is exploring options for the lending arm, including finding a source of fresh liquidity to meet customersā withdrawal requests. Islim noted that the lending service would reveal more details to clients concerning its plan next week.
Furthermore, Islim has distanced Genesis Trading from the lending service, noting that the former is āindependently capitalized and operated separately from the latter.ā Genesis Trading is a broker/dealer to Genesis Global Capital, and according to Islim, its trading and custody services remain fully operational.Ā
Meanwhile, Islim admitted that FTXās implosion had instigated multiple withdrawals from users, which its current liquidity could not cover. Earlier this year, Genesis suffered significant losses following the collapse of hedge fund Three Arrows Capital (3AC).Ā
Genesis is owned byĀ Vice President of Communications and Marketing at DCG, Amanda Cowie, had this to say on the announcement by Genesis Global Capital.
āToday, Genesis Global Capital, Genesisās lending business, made the difficult decision to temporarily suspend redemptions and new loan originations. This decision was made in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion,ā said Amanda Cowie, vice president of communications and marketing at DCG.
āThis decision impacts the lending business at Genesis and does not affect Genesisās trading or custody businesses. Importantly, this decision has no impact on the business operations of DCG and our other wholly owned subsidiaries,ā Cowie added.
Genesis Global Capital is not the only institution affected by FTXās collapse. Earlier this week, BlockFiĀ at the likelihood of declaring bankruptcy due to its FTX exposure, instigating concerns that more crypto institutions have been affected than reported.Ā
In another development, crypto exchange Gemini has also suspended its Earn program, which it operated in partnership with Genesis. The exchange released aĀ today that it is working with Genesis to help users redeem their funds.Ā
āWe are working with the Genesis team to help customers redeem their funds from the Earn program as quickly as possible. āWe are disappointed that the Earn program [service agreement] will not be met, but we are encouraged by Genesisā and its parent company Digital Currency Groupās commitment to doing everything in their power to fulfill their obligations to customers under the Earn program,ā Gemini said in its statement.