Genesis: infectious Diseases:After the frightening collapse of the FTX password trading center, Genesis Global Holdco LLC, a digital money lender, is on the roster of companies that have declared bankruptcy. FTX Infectious Diseases has taken over a lot of new password programs that have access to Genesis.
Genesis Global Holdco LLC, which is wholly owned by Digital currency Group and two borrowing subsidiaries, filed for bankruptcy protection in the US bankruptcy court. The company mentioned that many subsidiaries involved in derivatives, spot markets and escrow operations were not included in the filings. But these companies will also continue the customer buying and selling business process.
It is reported that Genesis indicated in its court filing that it had more than 100000 creditors. The total amount of unsecured claims in the top 50 is about $3.4 billion.
However, Genesis mentioned in a press release that strategic actions have been announced and solutions have been achieved around the world. The company added that its consultants had been in discussions with professional advisers to creditors and their parent company, DCG. This will help them maximize revenue for all users and stakeholders.
The chief executive of Bybit this week fully disclosed his exposure to the password borrower. He mentioned that Mirana is the investment arm of Bybit. The above companies only manage that part of the property of Bybit.
He added that customer equity funds are separate from Bybit's income products and cannot use Mirana. Of the $151 million or about $120 million loan-guaranteed trading positions, the trading center has already settled some of the positions.
However, the password market around the world has not responded much to the failure of Genesis. The total market capitalization of digital currencies rose slightly to $977 billion.
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Tue, 18 Apr 2023