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 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.

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