Genesis Trading's derivatives business has exposure to FTX, with approximately $175 million of locked funds

ChainCatcher news, Genesis Trading stated that its derivatives business has risk exposure to FTX, with approximately $175 million of locked funds in FTX accounts.

Previously, Genesis Trading indicated that it did not have significant risk exposure to FTT and other tokens issued by centralized exchanges, with 95% of the collateral in its lending business consisting of US dollars or stablecoins, Bitcoin, and Ethereum. Although there is a trading relationship with FTX, there is no lending relationship. Currently, Genesis Trading's spot and derivatives lending and trading operations are still running normally, and they are mitigating risks through hedging and selling collateral, but this has still resulted in a loss of $7 million. (Source link)