The Bybit founder clarifies his company's exposure to bankrupt crypto lender Genesis.
The Bybit founder clarifies his company’s exposure to bankrupt crypto lender Genesis.
Ben Zhao, the founder of crypto exchange Bybit, took it to Twitter to address concerns raised over the company’s exposure to the now-bankrupt crypto lender Genesis Global Capital. According to court filings, Genesis owes its top 50 creditors $3.4 billion, including Bybit’s investment unit Mirana. The filing shows that the crypto lender owes Mirana approximately $151 million.to a tweet mentioning Mirana’s exposure to Genesis, Zhao stated that the reported $151 million has around $120 million of collateralized positions, which Mirana had already liquidated.
He added that the investment firm only manages a portion of Bybit’s assets. Zhao also stated that client funds are separated, and Bybit’s earn product does not use Mirana.2. Mirana only manage some bybit company asset. Client fund is separated snd bybit earn product doesn’t use mirana.
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