The eventful bankruptcy of FTX started a domino effect in the cryptocurrency world and dragged some cryptocurrency exchanges to the brink of bankruptcy. On top of all this, Binance CEO CZ said about FTX, “Investors are guilty too!” His statement created a great controversy.
Today, Genesis Block, one of the world’s respected crypto money platforms, announced that it is one of the first to be affected by this domino effect.
All activities of the platform have been suspended
Hong Kong-based cryptocurrency platform Genesis Block announced that it will stop all trading on December 10, in an email to its users today. The company’s CEO, Wincent Hung, stated in an interview with Reuters that this decision remained in a risky situation after FTX’s bankruptcy, and therefore they decided to stop the operations.
“We chose to close all our positions in order to regain some of our liquidity,” the CEO said, adding that the websites have placed the necessary warning and warned all users with crypto assets on the platform to withdraw their entire holdings. It was also stated that as of today, new members will not be registered on the platform, and users who withdraw their assets can permanently delete their accounts if they wish.
Genesis Block, which offers the most reliable Bitcoin ATMs to 29 regions in Hong Kong, announced that $175 million is also locked in FTX.
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