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Disclosure of details of a huge amount of loan from “Genesis” to “Three Arrows Capital”

Disclosure of details of a huge amount of loan from “Genesis” to “Three Arrows Capital”

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Answer Disclosure of details of a huge amount of loan from “Genesis” to “Three Arrows Capital”

After Genesis deals liquidated at Three Arrows Capital (3AC) earlier, the exact amount of the loss incurred has now been revealed.

According for reports Genesis loaned Three Arrows Capital (3AC) a $2.36 billion loan, according to the filing document.

Earlier this month, Genesis CEO Michael Moreau detailed the exposure to Three Arrows Capital.

He was told that once 3AC failed to meet the margin call requirements, Genesis would sell the collateral.

Genesis loan:

The document indicated that the unsecured loan was secured by approximately 17.4 million shares of GBTC, 446 thousand shares of ETHE, $2.7 million of AVAX and $13.50 million of NEAR.

Read:Sam Bankman, founder of FTX, wants to meet in person with the new CEO of FTX

In total, Three Arrows owes about $3.50 billion to as many as 27 companies.

It told Three Arrows Capital in a series of tweets on July 6 last month that it had liquidated to cover and secure a heavily paid party.

We immediately sold collateral and hedge.

At the time, Morrow said none of the clients’ funds were affected and that trading was proceeding normally.

In his closing remarks, Genesis CEO gave an optimistic view of the future amid market volatility.

He added:

Looking to the future, we will continue to support the needs of our customers and counterparties.

Genesis has a range of business lines including trading, lending, derivatives, and custody services.

We deploy a number of risk management strategies to hedge our portfolio and take advantage of all possibilities to reduce losses quickly and effectively.

3AC and liquidation of several companies:

So far, several crypto companies have already liquidated their positions at Three Arrows Capital after the latter failed to meet the margin call requirements.

FTX, BlockFi, Deribit, and BitMEX are some of those companies that have liquidated their assets.

Read:A Ripple CEO explains the challenges facing the price of XRP

Meanwhile, many companies are trying to arrange their future plans to get out of the crisis.

On July 13, cryptocurrency lender Celsius filed for bankruptcy.

Last month, the company halted withdrawals and transfers from user accounts.

On Monday, Celsius revealed its financial review and restructuring plans in court, as part of its bankruptcy proceedings.

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