After revealing that Genesis had previously liquidated positions in Three arrows Capital (3AC)now the exact amount of losses has been revealed. The cryptocurrency lender Genesis allegedly provided $2.36 billion worth of loans to Three arrows Capital, according to a file. the executive director of GenesisMiguel Moorclarified the details of the exhibition 3AC earlier this month. Once 3AC did not meet margin calls, Genesis he would sell the collateral, he said.
Genesis reveals his exposure to 3AC.
The record indicated that the unsecured loan was secured by:
- approximately 17.4 million shares of GBTC
- 446,000 shares of $ETHE
- two.7 million shares ofAVAX
- 13.5 million shares of CLOSE.
The figures were revealed by the court file of 1,157 pages trustee I have. Total, Three arrows It owes no less than 27 companies around 3,500 million dollars. In the midst of chaos, 3AC filed for bankruptcy under Chapter 15, July 1.
“We immediately sold our guarantees and covered our losses,” he said in a series of tweets on July 6.
In June, company management did not identify 3AC when she said have liquidated the “large counterparties”. At the time, Moor He said no customer funds were touched and transactions were proceeding normally. In addition, he gave an optimistic view of the future amid market volatility.
“Going forward, we will continue to support the needs of our clients and counterparties. Genesis has a range of business lines including trading, lending, derivatives and custody services. We implement a series of risk management strategies to outline our portfolio and use all capabilities to mitigate losses quickly and effectively.”
Many companies have already liquidated 3AC.
So far, many crypto companies have liquidated Three arrows after failing to meet margin calls. FTX, BlockFi, Debit Y BitMEX they are among those companies that have liquidated assets.
Meanwhile, several companies caught in a vicious cycle of cryptocurrency lending are trying to get out of the crisis by making plans for the future. In fact, the cryptocurrency lender Celsius recently filed for bankruptcy. In June, the company stopped withdrawals and transfers from user accounts. Celsius disclosed its financial summary and restructuring plan in court on Monday as part of bankruptcy proceedings. The lender has liabilities of $5.5 billion and assets of approximately $4.3 billion.
Bonus: US Democrats urge regulators to ban crypto mining.