Genesis Trading has revealed that it was exposed to FTX, with $175 million locked away in an FTX trading account.
Genesis Reveals Locked-In Funds
Crypto trading firm Genesis has disclosed that around $175 million of its funds are locked away in an FTX account. The company disclosed this news on Twitter in an attempt to maintain transparency. The Twitter post also clarified that Genesis’s operating capital and net positions in FTX are not material to their business operations. Finally, the statement also revealed that the trading broker has no ongoing relationship with either FTX or Alameda Research. The latter is a crypto trading firm belonging to FTX CEO Sam Bankman-Fried.
Genesis had previously been exposed to the now-defunct crypto exchange Three Arrows Capital (3AC). On that occasion, the company suffered deeply due to its locked-in funds in 3AC, and its parent company, Digital Currency Group, had to intervene to assume some of the liability owed by 3AC to ensure that Genesis
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