• Sat. Sep 30th, 2023



Media: Genesis Trading requested emergency funding of $ 1 billion


Dec 16, 2022

Media: Genesis Trading requested emergency funding of $ 1 billion

The Genesis Trading OTC platform requested access to a credit line of $ 1 billion by the morning of November 14, referring to a lack of liquidity. About this with reference to informed sources writes The Wall Street Journal.

The company failed to attract funding.

“The conclusion of deposits continues mainly due to the Genesis retail programs and partners (for example, Gemini Earn), as well as institutional customers,” the document says.

In July, it became known that the Head Fund Three Arrows Capital owed Genesis Trade $ 2.36 billion. The latter supported by her maternal company Digital Currency Group, which took on certain obligations.

In August, the head of Genesis Trading Michael Moro left the company after seven years of work, including six – as a CEO. Every fifth platform employee was reduced with him.

The other day, Nansen analysts discovered the involvement of Alameda Research $ 1.6 billion in September 2021 from Genesis Trading on the security of ftx utility tokens. Reducing the cost of the latter caused https://gagarin.news/news/miner-service-stops-in-russia-flex-pool-statement/ the insolvency of Sam Bankman-Frida.

Earlier, Multicoin Capital predicted the appearance of new victims as a result of the collapse of FTX.

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