Celsius in change of direction, Genesis Clear of 3AC Trouble & FTXs ‘Billions’
The cryptouro continues to get deeper, with further maneuvers at Celsius (CEL) and a company that tells details of how it was avoided Three Arrows Captial (3AC) fallout – mens crypto exchange giants FTX seems to save even more ailing crypto players with spare funds worth a few billion dollars.
Celsius is fighting the heat wave
Celsius, the troubled cryptocurrency lender that allegedly laid off a quarter of its workforce in an attempt to avert insolvency, has recently reshuffled the board – in an apparent attempt to stabilize the ship.
Per submissions listed with the United Kingdom Companies House The public register of companies, Alan Carr and David Barse, was made board members at the end of June.
The registrations give a hint of possible chaos behind the scenes: One board member, John Dubel, was appointed to his role on June 20, only to leave the post eight days later. Another – Gilbert Nathan – was appointed to the board on June 17. He then officially left the board on June 29.
Carr is the CEO of Drivesa company that specializes in corporate restructuring, litigation and management of problematic investment portfolios.
Genesis pops an arrow (or tree)
The crypto exchange Genesis Trading has explained that it had been exposed to 3AC, but had managed to reduce losses after the latter “failed to meet a margin requirement.”
Per Bloomberg, Genesis CEO Michael Moro explained that his company owner, Digital currency group, had “taken over some” of Genesis’ “obligations”. Moro added that Genesis also “pursued all strategies to recover any losses.”
The company’s loans to the now bankrupt Three Arrows had a weighted average margin requirement of more than 80%, Moro explained.
Several weeks ago, the CEO had admitted that Genesis had reduced losses with a (then unnamed) “large counterparty” that had not managed to “meet a margin requirement”.
FTX fixes this?
FTX CEO Sam Bankman-Fried was quoted by Reuters as saying that “he and his company” still have “a few billion” ready to bolster flagging crypto firms whose demise “could further destabilize the digital asset industry.”
However, Bankman-Fried was also quoted as saying that “the worst liquidity crisis has probably passed.”
He added:
“We are starting to get more companies to contact us.”
Bankman-Fried reiterated his claim that “some smaller crypto exchanges may still fail”, but noted that “the industry has moved” beyond “other large shoes that need to drop.”
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Learn more:
– Crypto chaos continues when the loan company cuts the withdrawal limit, 3AC moves funds and Celsius apparently pays the producer
– Fresh Blow for Celsius with 150 employees allegedly fired, but CEL rally
– Troubled Crypto Fund Three Arrows Capital has $ 7.5 million in Blue-Chip NFTs – Report
– Crypto Turmoil: 3AC files for bankruptcy, FTX and BlockFi agree, suspensions at Voyager
– FTX and Ledn compete for Troubled BlockFi Reports
– FTX CEO: Some smaller exchanges are ‘too far away’, ‘insolvent’ and hardly ‘saved’
