Genesis Global Capital, Luno's lending partner for Savings Wallet yield, has halted withdrawals

[Jan]

Luno Savings Wallet partner halts withdrawals

Luno’s lending partner for its Savings Wallet product, Genesis Global Capital, has temporarily suspended redemptions and new loan originations.

All cryptocurrency withdrawals on Luno remained available at the time of publication.

 

[notayoba]

whoops

 

[Vorastra]

Dominoes continue.

 

[Snyper564]

Luno Savings Wallet partner halts withdrawals

Luno’s lending partner for its Savings Wallet product, Genesis Global Capital, has temporarily suspended redemptions and new loan originations.

All cryptocurrency withdrawals on Luno remained available at the time of publication.

Emphasis on this point

 

[Synaesthesia]

I see this is just for the savings wallet, not for the general wallet?

 

[backstreetboy]

I see this is just for the savings wallet, not for the general wallet?

Clickbait

 

[Synaesthesia]

I think it's still a bit of a concern ...

 

[kota]

Probably safer to withdraw if possible, nothing to lose by withdrawing, but you are risking everything by keeping it there...

 

[quovadis]

Out of interest - is there any crypto company that’s suspended withdrawals that hasn’t gone bankrupt?

 

[Aghori]

As the saying goes, a fool and his money are soon parted. I've seen so many associates buy/invest into exchanges out of greed, and end up losing. If you have extra money, spend it on drugs and hookers.

 

[mugikhan]

As the saying goes, a fool and his money are soon parted. I've seen so many associates buy/invest into exchanges out of greed, and end up losing. If you have extra money, spend it on drugs and hookers.

Gold price over the past 10 years. “A fool and his money are soon parted”.

 

[Aghori]

Gold price over the past 10 years. “A fool and his money are soon parted”.

Huh? I suggest you go and actually check the gold prices for the last 10 years...

 

[rvZA]

Oopsie daisies.... now that did not take long.... Kiss your money good-bye.

If you still have crypto on any other exchange, now is the time to cash in and withdraw your funds while you can.

 

[MagNorthDigital]

Bank runs are back on the menu boys...

 

[mugikhan]

Huh? I suggest you go and actually check the gold prices for the last 10 years...

I love gold

 

[notayoba]

Out of interest - is there any crypto company that’s suspended withdrawals that hasn’t gone bankrupt?

The general script is:

-We're not affected
-We're temporarily suspending withdrawals for your own safety because of everyone else being an idiot. But don't worry, your money is safe.
-Hmm, it looks like we've been slightly affected, but your money is safe.
-Ok, due to circumstances out of our control we've been heavily affected. Your money might be slightly less now.
-Mumble mumble something something flee to some island. Your money is now gone.

 

[hj007]

Contagion.

And to paraphrase Taleb, also it's generally better to panic too early thatn too late.

https://twitter.com/i/web/status/1222198937261674497

 

[d0b33]

FTX implodes... meanwhile...

 

[notayoba]

Waiting with bated breath to see if the latest fiasco will finally reveal what constitutes Tether's commercial paper.

 

[NarrowBandFtw]

I see this is just for the savings wallet, not for the general wallet?

even the savings wallet remains unaffected ... for now