E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Sara Ali Khan In Glittery Ensemble For Falguni And Shane Peacock

August 13, 2022

Noida twin towers demolition: 3500 kg explosive, 9400 holes; how 100-metre tall structures will be razed

August 13, 2022

Janhvi Kapoor And Khushi Kapoor Remember Her With Heartfelt Posts

August 13, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»Genesis Reportedly Lent $2.36 Billion to Three Arrow Capital
Crypto

Genesis Reportedly Lent $2.36 Billion to Three Arrow Capital

Paul EasterBy Paul EasterJuly 18, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email



Genesis Global Trading – a crypto prime brokerage firm – reportedly credited the now insolvent Three Arrows Capital (3AC) with $2.36 billion in under collateralized loans.

  • As reported by The Block, details on 3AC’s loans were gleaned from a 1,159-page document uploaded by the advisory firm Teneo on Monday. However, the link to that filing appears to be down, as of writing.
  • The filing reportedly shows that Genesis tried to recover some of its losses using arbitration proceedings against 3AC last month.
  • However, the arbitration proceeding was paused after Genesis recruited Teneo to assist with 3AC’s liquidation in late June.
  • The document also showed some details regarding 3AC’s collateral. It included 17,443,644 shares of Grayscale’s Bitcoin Trust, 446,928 shares of Grayscale’s Ethereum Trust, 2,739,043.83 AVAX, and 13,583,265, NEAR.
  • As of June 15th, 3AC was short $462 million on its collateral requirements.
  • Genesis CEO Michael Moro confirmed in June that the firm had mitigated its losses with “a large counterparty who failed to meet a margin call” However, neither the name of the counterparty nor the exact figure for its losses were given.
  • Later, Moro confirmed that the counterparty was 3AC and that its loans to the fund had a weighted average margin requirement of 80%.
  • “Once they were unable to meet the margin call requirements, we immediately sold collateral and hedged our downside,” he said at the time.
  • Furthermore, Genesis’s parent company Digital Currency Group (DCG) assumed some of Genesis’s liabilities to help it continue to operate.
  • As of Monday, Genesis’s parent company Digital Currency Group filed a $1.2 billion liquidation request against 3AC.
  • 3AC filed for bankruptcy at the start of July.
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.





Source link

Paul Easter

Related Posts

Tornado Cash Developer is Arrested in Amsterdam

By Paul EasterAugust 13, 2022

Binance’s User Count Growing Due to Inflation, Says the Company’s Latin America Head

By Paul EasterAugust 13, 2022

Bakkt Q2 Revenue Jumped By 60% YoY: Report

By Paul EasterAugust 12, 2022

Binance Recovers 83% of Stolen Funds in Curve Finance DNS Attack

By Paul EasterAugust 12, 2022
Add A Comment

Comments are closed.

Our Picks

Sara Ali Khan In Glittery Ensemble For Falguni And Shane Peacock

By Paul EasterAugust 13, 2022

Noida twin towers demolition: 3500 kg explosive, 9400 holes; how 100-metre tall structures will be razed

By Paul EasterAugust 13, 2022

Janhvi Kapoor And Khushi Kapoor Remember Her With Heartfelt Posts

By Paul EasterAugust 13, 2022
Recent Posts
  • Sara Ali Khan In Glittery Ensemble For Falguni And Shane Peacock August 13, 2022
  • Noida twin towers demolition: 3500 kg explosive, 9400 holes; how 100-metre tall structures will be razed August 13, 2022
  • Janhvi Kapoor And Khushi Kapoor Remember Her With Heartfelt Posts August 13, 2022
  • Tesla stock split date 2022 news: Record date, split history, TSLA Nasdaq share price – All details and latest updates August 13, 2022
  • Swarm Vs. Iridium: Which Satellite IoT Service Is Right For You? August 13, 2022
  • Tovino Thomas’s Film Makes An Excellent Start! August 13, 2022
  • Har Ghar Tiranga a huge success: Over 20 cr national flags made available to people since the launch of campaign: Officials August 13, 2022
Archives
  • August 2022
  • July 2022
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.