Bybit CEO Responds To Genesis Creditors List

Bybit CEO Clarifies On Genesis Creditors List

Story: Mohd Javed January 20, 2023

A report that suggested a total of nine crypto firms had various exposures to Genesis is doing rounds on social media.

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According to the report, these firms are Gemini, Bybit, VanEck, Decentraland and a few others.

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Bybit CEO Ben Zhou was quick to respond to the report and clarified that Bybit indeed had $150 million exposure to the bankrupt crypto lender via its investment arm Mirana.

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Mirana only managed a portion of Bybit’s assets and the reported $151 million exposure has about $120 million of collateralized positions, he said in his tweet.

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Zhou also assured that the client funds are separated and Bybit’s earn products don’t use Mirana.

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Crypto brokerage firm Genesis filed for bankruptcy on Thursday in New York.

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With this, Genesis has joined the list of companies that declared bankrupt in the wake of FTX collapse.

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