Latest News

Genesis Trading’s CEO Michael Moro asserts that the company will support its clients amid rising volatility

Genesis Trading CEO Michael Moro confirmed that the firm had liquidated positions in a significant counterparty that missed a margin call earlier this week. In such critical times as these, Moro believes it is critical for any company to provide openness.

Although the CEO of Genesis didn’t say who the counterparty was, he was most likely referring to Three Arrows Capital. Three Arrows Capital’s founders declared on Friday that they are evaluating asset sales and bailout options to avoid collapse.

Genesis Trading’s CEO stated that a significant counterparty that failed to meet a margin call this week had been liquidated. To avoid further losses in the face of extraordinary market conditions, the corporation has sold or hedged all positions.

Genesis Trading’s risk management practices, and robust balance sheet, according to Michael Moro, have not been harmed.

Furthermore, Genesis Trading’s CEO Michael Moro claims that the company would support its clients in the face of increased crypto market volatility and speculation. Three Arrows Capital was liquidated by several prominent corporations after it failed to fulfil margin calls. These include FTX, BlockFi, Deribit, and BitMEX which liquidated their positions in the crypto hedge fund. There are also indications that some Asian lenders have sold their positions in Three Arrows Capital.

Meanwhile, as it faces insolvency, Three Arrows Capital is liquidating its stETH and ETH assets to settle loans. As a result of the market-wide selloff in digital assets, the company has hired legal and financial consultants to help it find a solution.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.