Crypto lender Genesis had sought emergency loan of $1 billion - WSJ

FILE PHOTO: Representations of virtual cryptocurrencies are placed on U.S. dollar banknotes in this illustration taken November 28, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Cryptocurrency lender Genesis was seeking an emergency loan of $1 billion from investors before it suspended withdrawals on its website, the Wall Street Journal reported on Thursday, citing a confidential fundraising document.

The document viewed by the Journal cites a "liquidity crunch due to certain illiquid assets on its balance sheet" at Genesis.