Cryptocurrencies
Crypto Lender Genesis Confirms Exposure to Bankrupt Three Arrows Capital
- Genesis parent Digital Currency Group assumed some liabilities
- Michael Moro, Genesis CEO, comments Wednesday in tweets
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Genesis, one of the largest cryptocurrency brokerages for institutional investors, confirmed that it was exposed to bankrupt hedge fund Three Arrows Capital and had mitigated its losses.
Genesis sold collateral and hedged its downside once Three Arrows failed to meet a margin call, Michael Moro, chief executive officer of Genesis, said in a series of tweets Wednesday. The loans to Three Arrows had a weighted average margin requirement of over 80%, he said, without disclosing the total loan amount.