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News

Genesis Trading Loses About $7 Million Across All Counterparties That Include Alameda

November 10, 2022 - Around 1 mins mins to read
Genesis Trading, a cryptocurrency trading, and lending company, claims losses “across all counterparties” of over $7 million, which included Alameda Research.
Genesis Trading Loses About $7 Million Across All Counterparties That Include Alameda

The company underlined that it has no meaningful exposure to the native token of FTX or any other tokens created by centralized exchanges after it hedged and sold collateral on Tuesday in anticipation of market volatility following liquidity at FTX.

Although the company claims to have trading contacts with FTX, they did not include loans. It claims that USD, stablecoins, Bitcoin, and Ether make up 95% of the collateral on its loan book.

FTX’s crisis is still lingering in the crypto market as Binance claims to have tried its best but could not save the collapse of the exchange.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu

#Bitcoin

Alameda

Binance

crypto

FTX

Genesis

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Genesis Trading Loses About $7 Million Across All Counterparties That Include Alameda

Genesis Trading, a cryptocurrency trading, and lending company, claims losses “across all counterparties” of over $7 million, which included Alameda Research.
Genesis Trading Loses About $7 Million Across All Counterparties That Include Alameda

The company underlined that it has no meaningful exposure to the native token of FTX or any other tokens created by centralized exchanges after it hedged and sold collateral on Tuesday in anticipation of market volatility following liquidity at FTX.

Although the company claims to have trading contacts with FTX, they did not include loans. It claims that USD, stablecoins, Bitcoin, and Ether make up 95% of the collateral on its loan book.

FTX’s crisis is still lingering in the crypto market as Binance claims to have tried its best but could not save the collapse of the exchange.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu