Hello, ApolloXplorer!Have you seen today’s key headlines yet?<h2 id="header-0">#1. Genesis halts customer withdrawals</h2>The lending arm of Genesis Global Trading is temporarily suspending redemptions and new loan originations.The unit, Genesis Global Capital, serves an institutional client base and had $2.8 billion in total active loans as of the end of Q3 2022.Last week, Genesis disclosed that its derivatives unit had about $175 million on FTX. Its parent company DCG had then opted to inject an equity infusion of $140 million into Genesis.Source: <a href="https://www.coindesk.com/business/2022/11/16/genesis-crypto-lending-unit-is-halting-customer-withdrawals-in-wake-of-ftx-collapse/" rel="noopener noreferrer nofollow">CoinDesk</a><h2 id="header-1">#2. B2C2 offers to purchase loans from Genesis</h2>Cryptocurrency market maker B2C2 has offered to “purchase loans from GenesisTrading&#39;s book to alleviate the current liquidity shortfall”.Genesis is the latest major crypto lending firm impacted by the FTX insolvency fallout. It froze customer withdrawals on Wednesday.The trading desk caused crypto exchange Gemini to slow redemptions for Gemini Earn due to using Genesis as its lending partner.Source: <a href="https://decrypt.co/114855/crypto-liquidity-provider-b2c2-offers-to-purchase-loans-from-genesis" rel="noopener noreferrer nofollow">Decrypt</a><h2 id="header-2">#3. Gemini suffers $485M rush of outflows</h2>Data by blockchain intelligence platform Nansen shows that Gemini saw $485 million in net outflows in the past 24 hours, the largest among crypto exchanges.This comes as Gemini paused withdrawals on Wednesday for Gemini Earn, which uses involves Genesis Global Trading as a partner.Gemini also suffered an outage today. It was shortly resolved but uncertainty has risen about the exchange’s stability.Source: <a href="https://www.coindesk.com/markets/2022/11/16/crypto-exchange-gemini-suffers-485m-rush-of-outflows-amid-contagion-fears/" rel="noopener noreferrer nofollow">CoinDesk</a><h2 id="header-3">#4. DeFi platforms see profits</h2>According to Token Terminal, in the last seven days, three DeFi protocols had revenue above $1 million.Daily trading volume of certain perpetual exchanges have also reached $5 billion, the highest since the Terra crash in May.That said, while trading volume has increased, the total value locked in DeFi lags behind.Source: <a href="https://cointelegraph.com/news/defi-platforms-see-profits-amid-ftx-collapse-and-cex-exodus" rel="noopener noreferrer nofollow">Cointelegraph</a><h2 id="header-4">#5. LFG spent $2.8B to defend UST peg in May</h2>A technical audit report submitted by JS Held revealed the Luna Foundation Guard spent $2.8 billion to defend UST’s peg between May 8 and May 12.According to the report, Terraform Labs also spent $613 million of its capital to defend the UST peg.LFG said the audit dispels rumors that there was embezzlement of funds or that the funds were used to profit insiders.Source: <a href="https://cryptoslate.com/audit-reveals-luna-foundation-guard-spent-2-8b-to-defend-usts-peg-in-may/" rel="noopener noreferrer nofollow">CryptoSlate</a>--The ApolloX app is available on Apple Store or Google Play <a href="https://apollox.onelink.me/rf4R/newscryptowndl" rel="noopener noreferrer nofollow">here</a>.Stay up to date with ApolloX!<a href="https://t.me/apollox_com" rel="noopener noreferrer nofollow">Telegram</a> |<a href="https://twitter.com/ApolloX_com" rel="noopener noreferrer nofollow"> Twitter</a> |<a href="https://www.facebook.com/ApolloXcom" rel="noopener noreferrer nofollow"> Facebook</a> |<a href="https://www.instagram.com/apollox_com/" rel="noopener noreferrer nofollow"> Instagram</a> | <a href="https://apollox.link/blog-discord" rel="noopener noreferrer nofollow">Discord</a> | <a href="https://apollox.link/blog-APXNewsStation" rel="noopener noreferrer nofollow">ApolloX News Station</a> | <a href="https://coinmarketcap.com/community/profile/ApolloX" rel="noopener noreferrer nofollow">CMC</a>

Crypto News of the Day: Gemini suffers $485M rush of outflows, B2C2 offers to alleviate Genesis liquidity troubles

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