Disturbing new revelations around the FTX case – The company Genesis Trading has published a press release in which it reveals that$175 million who belongs to him finds himself stuck, not to say lost, in the FTX books.
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$175 Million Blocked From Genesis Trading
The fall of FTX does not only affect retail investors, some professional investors are also on their behalf, such as this Canadian pension fund.
So it is for Genesis Trading, which has just stated, through a publication on Twitter, that it finds itself robbed of an amount of 175 million dollars deposited with FTX. At the moment, nothing makes it possible to ensure that the company can find disposal of its funds, as the situation of the former number 2 of the crypto exchanges proves catastrophic.
Remember, Genesis Trading has already taken the brunt of the debacle of Three Arrows Capital earlier in the year, by taking a loss of more than a billion dollars.
Since the context is extremely changing and fluctuating, any news should be analyzed with caution. The same rule applies to the statements of Genesis Trading that tries to reassure its customers by emphasizing that it has “blocking” no impact on the business of the company “.
Despite these reassuring statements, Just as in the context of the 3AC affair, Genesis Trading had to rely on its holding companythe community Digital currency group, to save the treasury. Will the holding company get tired of filling a punctured basket one day? History doesn’t say it yet.
So it’s one capital injection of $140 million which the holding company 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’s hard to see the glass as half full…
During this period, Binance and Huobi are taking action to limit FTT token deposits faced with the release of another $420 million by FTX who certainly don’t seem to want to miss an opportunity to add fuel to the fire.
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