Share this article
Genesis Trading Mitigated Losses With a 'Large Counterparty,' CEO Says
Genesis’ update comes after crypto fund Three Arrows Capital confirmed heavy losses during the market rout.
Updated May 11, 2023, 5:44 p.m. Published Jun 17, 2022, 4:18 p.m.
Genesis Trading “carefully and thoughtfully mitigated our losses with a large counterparty who failed to meet a margin call to us earlier this week,” CEO Michael Moro said in a series of tweets Friday.
- Moro added that no client funds are impacted, and that Genesis sold and/or hedged all of the liquid collateral on hand to minimize any downside.
- Genesis’ update comes after beleaguered cryptocurrency fund Three Arrows Capital (3AC) confirmed Friday it had suffered heavy losses in the recent market downturn and said it had hired legal and financial advisors to figure a way out, according to a WSJ report.
- Meanwhile, various digital asset firms continue to weigh in on their exposure. Crypto lender BlockFi confirmed Thursday it recently liquidated a “large client” amid reports that Three Arrows Capital failed to meet margin calls.
- Genesis Trading’s CEO added that the company “will actively pursue recovery on any potential residual loss through all means available, however our potential loss is finite and can be netted against our own balance sheet as an organization. We have shed the risk and moved on.”
- Moro said Genesis continues to operate 24/7 and contains "incredible" access to capital.
- Genesis is a subsidiary of Digital Currency Group, which owns CoinDesk.
Read more: Babel Finance Suspends Withdrawals, Citing 'Unusual Liquidity Pressures'
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
From Wall Street to the World Cup: How Football Became Crypto’s Biggest Gateway Drug
As institutions are laying the groundwork for wider crypto adoption from the top down, it’s being met by rising interest from football fans from the ground up.
Top Stories
