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Genesis Reports Losses of Around $7 Million After Hedging Against Market Volatility

Crypto trading and lending firm Genesis Trading reported losses of around $7 million "across all counterparties" that include Alameda Research after it hedged and sold collateral on Tuesday in anticipation of market volatility following a liquidity crunch at FTX.

"We want to provide an update on where things currently stand with our lending business. In anticipation of the extreme market volatility yesterday, we hedged and sold collateral resulting in a total loss of ~$7M across all counterparties, including Alameda." the company wrote on Twitter.

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