FT News Briefing Crypto broker Genesis halts withdrawals
Nov 17, 2022
The UK Chancellor is poised to reveal a drastic economic plan featuring tax hikes and spending cuts. Meanwhile, the crypto world is in chaos as Genesis Trading halts withdrawals, reigniting concerns after the FTX debacle. On another front, Iraq is embroiled in a staggering $2.5 billion corruption scandal, igniting public outrage and highlighting deep political entanglements. This episode weaves together the threads of financial instability, political corruption, and the vulnerabilities of the crypto market.
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UK Economic Plan
- UK Chancellor Jeremy Hunt will announce tax hikes and spending cuts.
- This follows the market backlash against his predecessor's tax cut proposals.
Genesis and Gemini
- Genesis Trading's lending unit allows clients to lend crypto for yields up to 10%.
- The halting of withdrawals affected Gemini, a crypto platform run by the Winklevoss twins.
Crypto Market Contagion
- Genesis Trading halted withdrawals, citing market turmoil from FTX's collapse.
- This highlights the interconnectedness of the crypto market and potential ripple effects.