Crypto Lender Ledn Affirms No Exposure With Genesis
Ledn’s leading lending partner when the company first began operations was Genesis Global Capital, which is now halting withdrawals. Since then, the company has spread out its loan partners, lowering its risk concentration.
Ledn also disclosed last week that it had some contact with FTX’s subsidiary company, Alameda Research. The crypto lender continued by saying that, after October, it had no ongoing loan arrangement with Genesis.
Genesis is the most recent cryptocurrency lender to blame the FTX crash for its financial difficulties. On Tuesday, BlockFi disclosed a sizable exposure to the now-defunct cryptocurrency exchange. Since then, the platform has reportedly blocked withdrawals and is getting ready to file for bankruptcy.
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Miami, Florida, 13th November 2024, Chainwire
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