Advertisement
Advertisement

Crypto broker Genesis discloses locked funds on FTX

Published: Nov 10, 2022, 23:06 GMT+00:00

(Reuters) - U.S. cryptocurrency broker Genesis Trading disclosed its derivatives business has approximately $175 million in locked funds on FTX, the company said Thursday in a Twitter post.

Illustration shows FTX logo, stock graph and representation of cryptocurrencies

(Reuters) – U.S. cryptocurrency broker Genesis Trading disclosed its derivatives business has approximately $175 million in locked funds on FTX, the company said Thursday in a Twitter post.

Gensesis said its operating capital and net positions in FTX “are not material to our business” and that it has no ongoing relationship with FTX or Alameda Research, the crypto trading firm belonging to FTX CEO Sam Bankman-Fried.

The locked assets on FTX do not impact the company’s market-making activities, Genesis said.

(Reporting by Hannah Lang in Washington; Editing by Leslie Adler)

About the Author

Reuterscontributor

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products:

Advertisement