Genesis is owned by venture capital firm Digital Currency Group (DCG). Its bankruptcy filing is the latest crypto failure triggered by a market collapse that wiped about $1.3 trillion off the value of crypto tokens last year.
How much money does Genesis have in locked funds on FTX?
Genesis said in a tweet on Nov. 10 that its derivatives business has approximately $175 million in locked funds on FTX. As part of our goal in providing transparency around this week’s market events, the Genesis derivatives business currently has ~$175M in locked funds in our FTX trading account. This does not impact our market-making activities.
Is Genesis Global Trading preparing for bankruptcy?
The lending arm of the crypto investment bank Genesis Global Trading is pausing new loan originations and redemptions. The decision reflects a sign of contagion outside of cryptocurrency lender BlockFi, which is reportedly preparing for a potential bankruptcy filing, according to The Wall Street Journal.
