Bybit CEO clarified the company’s exposure to bankrupt Genesis, but it raised more questions in the crypto community than offering any reassurance.
protection in New York on Jan. 20, becoming the latest company to declare bankruptcy in the wake of FTX's collapse. However, the focus of the crypto community has shifted towards other crypto firms that had exposure to the lending firm.
One report suggested that a total of nine crypto firms had various exposures to Genesis, including the likes of Germini, Bybit, VanEck, Decentraland and a few others. Bybit CEO Ben Zhou was quick to respond to the reports and clarified that Bybit indeed had $150 million exposure to the bankrupt crypto lender via its investment arm Mirana.
Zhou noted that Mirana only managed a portion of Bybit’s assets and the reported $151 million exposure has about $120 million of collateralized positions, which Mirana had already liquidated. He also assured that the client funds are separated, and Bybit’s earn products don’t 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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