Crypto broker Genesis suspends loan redemptions; Bankman-Fried, celebrities sued

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Reuters UK

By Alun John and Elizabeth Howcroft (Reuters) -Crypto lender Genesis Global Capital suspended redemptions on Wednesday citing the failure of crypto exchange FTX, while court papers showed FTX founder Sam Bankman-Fried faces legal action, as its sudden collapse ripples across the industry. FTX filed for bankruptcy protection in the United States on Friday in the highest-profile crypto blowup to date, after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal. Liquidators in the Bahamas said late on Tuesday they were challenging the validit…

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