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Crypto Lender Ledn Affirms No Exposure With Genesis

Ledn, a crypto lender, declared that it is completely operating and has no exposure to Genesis Global Capital, which has halted withdrawals.

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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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.