Genesis trade caught in FTX turmoil, $175M unattainable…

Disturbing new revelations all around The FTX case – The company Genesis Trading has published a press release in which it reveals this175 million dollars belonging to him finds himself stuck, not to say lost, in the FTX books.

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$175 million blocked for Genesis trade

The fall in FTX does not only affect retail investors, some professional investors are also responsible for their expenses, such as this Canadian pension fund.
So it is for Genesis Trading, which has just declared, via a publication on Twitter, that it is finding itself deprived of an amount of 175 million dollars deposited on FTX. At the moment, there is nothing that makes it possible to ensure that the company will be able to dispose of its funds, as much as the situation of the former number 2 of the crypto exchanges shows. disastrous.

Remember, Genesis Trading has already borne the brunt of the debacle Three arrows capital earlier this year, by taking a loss of more than a billion dollars.

As the context is particularly changing and fluctuating, any news should be analyzed with caution. The same rule applies to the declarations of Genesis Trading, which tries to reassure its customers by highlighting that this “block” has ” no influence on the company’s activities “.

Despite these reassuring statements, Genesis Trading has, just like in connection with the 3AC case, had to call for its holdingcommunity Digital Currency Group, to save the box. Will the holding company one day get tired of filling a leaky basket? History doesn’t say that yet.

It is therefore a capital contribution of DKK 140 million which the holding company has just done to keep its subsidiary afloat and reassure investors.

Finally, Genesis Trading confirms that they have not loaned money to FTX or Alameda. At the point where we are, it’s hard to see the glass as half full…

During this time, Binance and Huobi Intervene to Limit FTT Token Deposits faced with the release of a new $420 million by FTX, which certainly does not seem to want to miss an opportunity to throw fuel on the fire.

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