Just like dominoes, we should be expecting more companies to fall due to the FTX collapse, they are all mostly connected. This is one company I didn’t know existed, but now we know, it turns out its a crypto loaning and trading company that was said to had processed $2.8 Billion loans in 2022, but unfortunate decided to halt withdrawal, because it is affected by FTX collapse. This is the period you will know just how shady these compaaies are, in the name of trying to give you a low risk investment and assuring you that your investment is safe, they tend to take bigger risks with customers funds. People investing with Genesis are of the opinion that their investment is safe, not knowing that genesis locked their investment in FTX.
![image.png](https://images.hive.blog/DQmR7cMcVDgCVQMfSeytmXWmcVTr7d33YRtPKHsGMQ1Q1g5/image.png)
[source](https://www.coindesk.com/business/2022/11/16/genesis-crypto-lending-unit-is-halting-customer-withdrawals-in-wake-of-ftx-collapse/)
This is another day and another post to remind you how important decentralisation and getting a non custodial wallet is, over $170 Million of investors account was locked in FTX by genesis, now FTX has collapsed there is not enough liquidity to meet up with customers withdrawals. But they have the customers interest at heart as they left trading on the platform operational. Funny because how can you withdrawal your money you have traded? It seems like the collapse of 3AC also affected genesis, that is a hit, I think they manage to not cause panic and wanted to be more careful, then went and locked over $170 Million in FTX. What happened to cold storage if they wanted to keep their investors assets safe? 

In my opinion, this is just the beginning, we should be expecting more withdrawals from other companies halt, lots of people are in trouble, if anyone has learnt anything from this bear market experience, it should be get a cold storage wallet and choose a crypto with high decentralisation than centralisation. Genesis is on its way to raising liquidity but we have heard this before, this is not the first time we are seeing such thing happen. We saw celsius, we saw voyager and now we are seeing genesis. Although I feel sorry for the investors that have their money there. 

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