Genesis CEO: 3AC Has Failed to Make Margin Calls Resulting in Collateral Liquidation

Jul 07,2022
KingData News: Michael Moro, chief executive officer of Genesis Global Trading, a Digital Currency Group (DCG) company, said we previously stated in June that we mitigated our losses with respect to a large counterparty who failed to meet a margin call. Now that the BVI bankruptcy process has commenced, we can confirm that the counterparty was Three Arrows Capital. DCG has assumed some of the losses, and Michael Moro said the loans to this counterparty had a weighted average margin requirement of over 80%. Once they were unable to meet the margin call requirements, we immediately sold collateral and hedged our downside.
On June 13, Zhu Su, co-founder of Three Arrows Capital, has removed ETH, AVAX, LUNA, SOL, NEAR, MINA and other Tokens from his Twitter profile. On June 15, sources revealed that the total liquidation amount of Three Arrows Capital on Deribit, BlockFi and other lending platforms was up to $400 million. This indicator provides a real-time tracking of news reports on Three Arrows Capital's liquidity crisis.
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