Genesis Trading reports that its derivatives division has $175 million in its FTX account

Genesis Trading said that its derivatives company had exposure to FTX notwithstanding the continued collapse of the cryptocurrency exchange.

“As part of our effort to provide transparency surrounding this week’s market happenings, the Genesis derivatives firm has about $175 million in locked money in our FTX trading account,” Genesis announced on Twitter.

In the midst of the continuing collapse of the cryptocurrency exchange FTX, Genesis Trading disclosed late Thursday that its derivatives company had exposure to FTX.

“Genesis Derivatives has about $175M locked in our FTX trading account, which we are disclosing as part of our efforts to be transparent about the market events of the last week. This has no effect on our market-creating initiatives “Genesis also added:

“In addition, neither our operational capital nor our net holdings in FTX are substantial to our company. We have not seen any disruption to our trading franchise as a result of the events surrounding FTX.”

Genesis was among the firms who attempted to separate themselves from the FTX situation on Tuesday. At the time, the company said, “Regarding today’s market developments, we have managed our loan book and have no net credit risk of any significance. Furthermore, Genesis is not exposed to coins produced by centralized exchanges.”

The revelations come as the crisis surrounding FTX worsens, with reports indicating that officials in the Bahamas are attempting to freeze the company’s assets and petitioning the court to appoint a liquidator. According to reports, U.S. regulators are also investigating FTX and its enormous commercial empire.

Also Read: More Than $250,000,000 Worth Of Bitcoin Withdrawn From FTX 

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.