Genesis, Crypto.com, And Tether Claim No Exposure To The FTX Crisis

The recent FTX event has had serious consequences for the entire crypto market, with major industry players also quick to confirm their involvement. Genesis, Crypto.com, And Tether are the newest names on this list.

Genesis tweeted from its official account, and in this line, there is no mention of FTX.

Crypto.com CEO Kris Marszalek also announced limited exposure to Sam Bankman-Fried’s exchange:

After FTX was compelled to sell assets to competitor Binance, Tether CTO Paolo Ardoino stated that the stablecoin issuer had no exposure to the exchange or Alameda Research.

He rejected a claim made in a tweet by crypto writer Colin Wu that Circle, the company behind the USDC stablecoin, and Tether ought to reveal their financial ties to these 2 companies.

Jeremy Allaire, co-founder and CEO of Circle, had early said USDC is not affected by the crisis.

It can be seen that the widespread crisis has made crypto companies wary, even the big Binance has strengthened the trust of users with its insurance fund. Changpeng Zhao, who “helped” FTX, also asked exchanges to clarify proof-of-reverse to avoid the same thing happening as FTX.

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