Crypto market-maker Genesis latest to be hit by Three Arrows' woes

The Straits Times LogoThe Straits Times1 mo ago

Crypto market-maker Genesis latest to be hit by Three Arrows' woes

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June 30, 2022 6:22 PM - Report comes after news that 3AC was ordered by British Virgin Islands court to liquidate after creditors sued it for failing to pay its debts.

On June 17, Genesis chief executive Michael Moro confirmed that "a large counterparty" had failed to meet a margin call but no client funds were impacted.

Earlier this month, The Financial Times said BlockFi and Genesis had liquidated some of 3AC's positions.3AC had borrowed from BlockFi but was unable to meet the margin call.

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Article Details

Category: Economy

Topics: Dollars Genesis Financial Arrows Three Crypto Month Blockfi Losses Broker Market

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-30, 18:22:06

News Timezone: GMT +8:00

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Language: English

Reading Time: 4 minutes read

Article Length: 643 words

Coverage Area: Singapore

Availability: Desktop Web, Mobile Web

News ID: 22904

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