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News

Genesis Trading Reveals More Than $175 Million Of Assets Withheld On FTX

November 11, 2022 - Around 2 mins mins to read
Genesis Trading disclosed that its derivatives business has approximately $175 million in funds locked away in an FTX trading account in the context of companies constantly updating their contact status with Sam Bankman-Fried’s exchange.
Genesis Trading Reveals More Than $175 Million Of Assets Withheld On FTX
Genesis Trading Reveals More Than $175 Million Of Assets Withheld On FTX 2

Genesis shared the information on Twitter, the company still insists its operational status will remain unaffected.

Genesis Trading also stated that they have no ongoing relationship with FTX or its sister company Alameda Research, even though the company previously announced a loss of $7 million “across all counterparties,” which included Alameda Research.

Other companies in the cryptocurrency sector have been trying to distance themselves from the fallout from FTX, and Tether, Kraken, and Coinbase have all stated that they are not exposed to troubled companies. This has led to the denial of an ongoing relationship.

CEO Sam Bankman-Fried has also said that he will close down trading of Alameda in light of the ongoing crisis.

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 News

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FTX

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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 Reveals More Than $175 Million Of Assets Withheld On FTX

Genesis Trading disclosed that its derivatives business has approximately $175 million in funds locked away in an FTX trading account in the context of companies constantly updating their contact status with Sam Bankman-Fried’s exchange.
Genesis Trading Reveals More Than $175 Million Of Assets Withheld On FTX
Genesis Trading Reveals More Than $175 Million Of Assets Withheld On FTX 4

Genesis shared the information on Twitter, the company still insists its operational status will remain unaffected.

Genesis Trading also stated that they have no ongoing relationship with FTX or its sister company Alameda Research, even though the company previously announced a loss of $7 million “across all counterparties,” which included Alameda Research.

Other companies in the cryptocurrency sector have been trying to distance themselves from the fallout from FTX, and Tether, Kraken, and Coinbase have all stated that they are not exposed to troubled companies. This has led to the denial of an ongoing relationship.

CEO Sam Bankman-Fried has also said that he will close down trading of Alameda in light of the ongoing crisis.

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 News