Genesis Trading Caught in FTX Turmoil, $175M Unreachable…

Disturbing new revelations around the FTX case – The company Genesis Trading has published a press release in which it reveals that$175 million belonging to him finds himself stuck, not to say lost, in the FTX books.

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$175 million blocked for Genesis trading

The fall of FTX does not only affect retail investors, some professional investors are also at their expense, such as this canadian retirement fund.
So it is for Genesis Trading which has just declared, via a publication on Twitter, that it finds itself deprived of a sum of 175 million dollars deposited at FTX. For the moment, nothing makes it possible to ensure that the company will be able to find the disposal of its funds so much the situation of the former number 2 of the crypto exchanges proves catastrophic.

Remember that Genesis Trading has already borne the brunt of the debacle of Three Arrows Capital earlier in the year, by taking a loss of more than a billion dollars.

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

Despite these reassuring statements, Genesis Trading has, as in the context of the 3AC affair, had to call on its holdingthe society Digital Currency Group, to bail out the coffers. Will the holding company one day get tired of filling a leaky basket? History does not say it yet.

It is therefore a capital contribution of $140 million that the holding company has just made to keep its subsidiary afloat and reassure investors.

Finally, Genesis Trading confirms that they have not lent money to FTX or Alameda. At the point where we are, it is difficult to see the glass half full…

During this time, Binance and Huobi Take Action to Restrict FTT Token Deposits faced with the release of a new 420 million dollars by FTX which, decidedly, does not seem to want to miss an opportunity to throw oil on the fire.

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