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.

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.

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