Insider: Genesis Block unable to withdraw assets worth over $50 million from FTX
According to Reuters, Genesis Block, a Hong Kong-based cryptocurrency retail service provider that operates one of Asia's largest Bitcoin ATM networks, has announced the cessation of its operations. The company will close its over-the-counter trading portal website on December 10th. Genesis Block CEO Wincent Hung stated that due to uncertainty about the solvency of existing counterparties, they aim to unwind all positions to regain some liquidity. Furthermore, Genesis Block has informed customers to withdraw funds from the platform and will no longer accept new clients.
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According to Reuters, Genesis Block, a Hong Kong-based cryptocurrency retail service provider operating one of Asia's largest Bitcoin ATM networks, has announced the suspension of its operations and will shut down its over-the-counter trading portal on December 10. Genesis Block CEO Wincent Hung stated that due to uncertainty about the solvency of existing counterparties, they aim to flatten all positions to regain some liquidity. Additionally, Genesis Block has informed customers to withdraw their funds from the platform and is no longer accepting new customers.
Sources revealed that a senior executive at Genesis Block previously served as a director at FTX Hong Kong but resigned from the position earlier this month.
Reportedly, Genesis Block holds over $50 million in assets on FTX that cannot be withdrawn, leading to the closure of its over-the-counter trading business.
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