“$175M of funds locked in FTX,” reveals Genesis Trading | The Financial Express

“$175M of funds locked in FTX,” reveals Genesis Trading

The denial of an ongoing relationship follows other businesses in the crypto industry attempting to distance themselves from the FTX fallout

“$175M of funds locked in FTX,” reveals Genesis Trading
Due to the ongoing concerns, the cryptocurrency base has held discussions for solving the problem

Genesis Trading, Digital Currency Group’s market maker and lending subsidiary, revealed that its derivatives business has around $175 million in funds locked away in an FTX trading account in what it calls an effort to be transparent, as reported by Cointelegraph.

Genesis stated that it has no ongoing relationship with FTX or its sister company Alameda Research, which FTX CEO Sam Bankman-Fried has stated is “also winding down trading,” Cointelegraph further noted.

The denial of an ongoing relationship follows other businesses in the crypto industry attempting to distance themselves from the FTX fallout, with Tether, Circle, Kraken, and Coinbase all stating that they are not connected to either of the troubled firms.

Its active loans, on the other hand, had fallen 74.8% during the latest crypto winter, with its latest Q3 report showing that active loans outstanding totaled $2.8 billion, down from $11.1 billion at the same time last year.

(With insights from Cointelegraph)

Also Read: “No plans to rescue FTX,” clarifies Tether CTO

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First published on: 11-11-2022 at 13:13 IST