Genesis Trading: Has reduced risk through hedging and selling collateral, but still incurred a loss of $7 million

ChainCatcher news, cryptocurrency market maker and lending company Genesis Trading stated on Twitter that due to anticipated market volatility, they reduced risks through hedging and selling collateral, resulting in a loss of $7 million.

Genesis Trading indicated that they do not have significant risk exposure to FTT and other tokens issued by centralized exchanges, with 95% of collateral in their lending business consisting of US dollars or stablecoins, Bitcoin, and Ethereum. Although they have trading relationships with FTX, there are no lending relationships. Currently, Genesis Trading's spot and derivatives lending and trading operations are still running normally. (source link)