Genesis: FTX’s collapse caused a liquidity crisis, and 3AC’s default had a negative impact on it

链捕手ChainCatcher · 2022-11-16T13:50:06.000Z

ChainCatcher news, crypto trading and lending institution Genesis tweeted that the default of 3AC (Three Arrows Capital) has had a negative impact on the liquidity of Genesis’ lending arm, Genesis Global Capital. Since then, Genesis has been reducing book risk and strengthening its liquidity position and collateral quality. But FTX’s collapse created unprecedented market turmoil, leading to unusual withdrawal requests that exceeded Genesis’ current liquidity. Earlier, ChainCatcher reported that there were market rumors that crypto trading and lending institution Genesis may have solvency problems, and the company will hold a call with creditors at 8:00 EST on November 17 to explain the situation. If the news is true, Genesis may dump ETHE and GBTC to repay lenders. (Source link)

According to ChainCatcher, the crypto exchange and lending institution Genesis tweeted that the default of 3AC (Three Arrows Capital) had a negative impact on the liquidity of Genesis Global Capital, the lending arm of Genesis. Since then, Genesis has been reducing book risk and enhancing its liquidity position and collateral quality. However, the collapse of FTX caused unprecedented market turmoil, resulting in abnormal withdrawal requests that exceeded Genesis' current liquidity.
Earlier, ChainCatcher reported that there were market rumors that the crypto trading and lending institution Genesis may have solvency problems, and the company will call creditors at 8:00 EST on November 17 to explain the situation. If the news is true, Genesis may sell ETHE and GBTC to repay lenders. (Source link)