Explainer-Crypto lender Genesis plagued by contagion concern after FTX blowup

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By Hannah Lang and Elizabeth Howcroft (Reuters) – The uncertain future of Genesis Global Capital, one of the biggest crypto lenders, is fueling concern that the recent collapse of crytpo exchange FTX is having a spillover effect on other players in the highly interconnected market. Genesis, which brokers digital assets for financial institutions like hedge funds and asset managers, had almost $3 billion in total active loans at the end of the third quarter. On Wednesday, its crypto lending arm stopped making new loans and blocked customers from taking out money because of what it called “unpre…

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