Genesis Global Trading sought an emergency loan before halting withdrawals earlier this week.

Wall Street Journal report that Genesis tried to access a $1 billion credit line on Monday, November 14, but was ultimately unsuccessful, citing a confidential internal document.

The company cited a “liquidity crisis caused by some illiquid assets on its balance sheet” as the reason for its claim. Genesis is said to have experienced mass withdrawals involving its retail partners — namely Gemini Earn, a lucrative scheme from the exchange. Gemini.

A Genesis representative told the Wall Street Journal that the company is currently in "active dialogue" with investors. She added that the company is "exploring all possible options" and working to "determine the best possible solution and outcome for customers" during the service suspension.

Genesis first announced its withdrawal pause on Wednesday. Gemini also announced that they will be suspending the Gemini Earn program.

At the time, Genesis cited “extreme market turmoil and loss of industry confidence” as a result of the collapse of the company. That's why they're suspending service. However, it made little comment on its own liquidity at the time.

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Earlier, on November 10, Genesis said it only had $175 million in funds locked up with . The company also emphasizes that it has “not much exposure” to the token of the or any other centralized exchange token.

Therefore, the company's difficulties seem to be related to larger fluctuations in the market – or it could be that unrelated investments have yet to come to light.

Genesis also exposed Three Arrows Capital () and hit by the company's bankruptcy later this summer.

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