SCOOP: Genesis Block HK has more than $50 million stuck on FTX: Source by Yogita_Khatri5
The exposure is significant enough that the firm is shutting down its OTC business, according to the source and an email obtained by The Block.
Genesis Block HK, a crypto over-the-counter trading firm based in Hong Kong, has funds stuck in the now-bankrupt crypto exchange FTX, two people with knowledge of the matter told The Block. The exposure is worth more than $50 million, one of the sources said. The impact is significant enough that Genesis Block is shutting down its OTC business on Dec. 10, according to the source and an email from Genesis Block sent to its customers and obtained by The Block.
"With regret, we will be closing down the genesisblockotc.com portal website on 10 December 2022 at 6:00 pm HKT," reads the email."Withdrawals of user balances are fully functional via the OTC chat group. Please do NOT deposit any crypto assets into the portal."Genesis Block was founded in 2012 by Wincent Hung and Clement Ip and served both individual and institutional clients.
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