Bybit CEO offers clarity on exposure to Genesis, but community demands more

Bybit CEO offers clarity on exposure to Genesis, but community demands more


Genesis Global, a prominent crypto lender, filed for Chapter 11 bankruptcy protection in New York on Jan. 20, becoming the latest company to declare bankruptcy in the wake of FTX’s collapse. However, the focus of the crypto community has shifted towards other crypto firms that had exposure to the lending firm.

One report suggested that a total of nine crypto firms had various exposures to Genesis, including the likes of Germini, Bybit, VanEck, Decentraland and a few others. Bybit CEO Ben Zhou was quick to respond to the reports and clarified that Bybit indeed had $150 million exposure to the bankrupt crypto lender via its investment arm Mirana.

Zhou noted that Mirana only managed a portion of Bybit’s assets and the reported $151 million exposure has about

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