Genesis is owned by the deep-pocketed Digital Currency Group (DCG), which may enable it to weather this loss better than some of its crypto brethren. CEO Michael Moro tweeted that "DCG has assumed certain liabilities of Genesis" relating to Three Arrows Capital's inability to meet a margin call.
Genesis lost hundreds of millions due to exposure to Three Arrows Capital and Babel Finance
Genesis, a crypto broker and lender, suffered "a few hundred million dollars" in losses during the recent crypto downturn. This were largely due to the firm's exposure to the bankrupt Three Arrows Capital.