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175M belonging to Genesis blocked in FTX

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L’downstream activity from the Genesis corridor recognizes that it is exposed to FTX to 175 million euros. The chips are blocked until a possible reopening of the SBF platform.

Following the announcement of FTX.com of the freezing of transactions on its platform and of its near bankruptcythe main cryptocurrency players had to clarify their situation. how much and for what amount did they expose themselves?

Among the main competitors of the exchange, such as Binance and Coinbase, the record is reassuring for their users. It is a little less so for the cryptocurrency broker. Genesisa subsidiary of cryptocurrency conglomerate DCG, and more specifically by its derivatives arm.

FTX trading account is paralyzed.

As part of our goal to be transparent about this week’s market developments, Genesis’ derivatives business currently has about $175 million of funds frozen in our FTX trading account.” acknowledges the company on Twitter.

Genesis published this information on November 10, following the announcement that a deal between Binance and FTX could not be reached. The CZ-based cryptocurrency exchange had decided against an acquisition, deeming its competitor’s accounts too loss-making.

Despite this exposure, Genesis is calm about the impact on its operations. “Our operating capital and net positions in FTX are not material to our business,” the player says.

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No impact on Genesis’ operations

“Circumstances surrounding FTX do not. Circumstances surrounding FTX have not prevented the full operation of our commercial franchise “Genesis” he adds. The broker also states Is not involved in any lending with FTX or Alameda..

However, can Genesis hope to recover the 175 million frozen in his FTX account? The answer remains unclear. The Bahamas Regulator froze the assets of the company, based in the tax haven.

Sam Bankman Fried would need $9.4 billion to relaunch, according to Reuters sources. The 30-year-old crypto-entrepreneur is said to have contacted some 40 investors.

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