Genesis officials stated that the default of Three Arrows Capital had a negative impact on the liquidity of Genesis Global Capital, the lending arm of Genesis. Since then, Genesis has been reducing book risk and strengthening its liquidity position and collateral quality. But FTX’s collapse caused unprecedented market turmoil, resulting in unusual withdrawal requests that exceeded Genesis’ current liquidity. According to previous reports, Derar Islim, interim CEO of cryptocurrency investment bank Genesis Global Trading, said in a conference call on Wednesday that its cryptocurrency lending unit Genesis Global Capital has suspended redemptions and new loan issuances.