When FTX collapsed Genesis claimed they had no exposure, but it turns out they are in fact the largest creditor with 226 Million USD in losses.

With regard to today’s market events, we have managed our lending book and have no material net credit exposure. In addition, Genesis has no exposure to any tokens issued by centralized exchanges. We continue to meet the needs of our clients around the world across all products.

Crypto Lender Genesis Is FTX's Largest Unsecured Creditor With $226M in Claims

https://finance.yahoo.com/news/crypto-lender-genesis-global-capital-145600418.html

4 thoughts on “When FTX collapsed Genesis claimed they had no exposure, but it turns out they are in fact the largest creditor with 226 Million USD in losses.”

  2. Owners of financial institutions that mislead the public like this should be arrested. If there isn’t a law there should be and it should carry huge fines and long jail terms.

  4. Unless proven otherwise, any announcement in the crypto space is a lie. It might not be malicious lies every time (but it often is), such as when a company has ambitions far higher than their ability to execute, but it’s a lie nevertheless.

    A particularly damning species of crypto lie is the announcement of an announcement. Those have a 100% track record of being lies.

    Any company with a high reputation that is productive, executes brilliantly and makes a lot of money, will rarely ever need to announce anything other than “here’s my thing out now, enjoy”.

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