On January 20, 2019, renowned cryptocurrency lender Genesis Global Trading became the latest company to file for bankruptcy following the collapse of FTX. Genesis Global Trading filed for Chapter 11 protection in New York, becoming the fourth company to do so.

On the other hand, the attention of the cryptocurrency community has recently turned to other companies that were exposed to the lending company.

According to one source, a total of nine different cryptocurrency companies, including Gemini, Bybit, VanEck, Decentraland, and others, are exposed to the Genesis blockchain.

Ben Zhou, the CEO of Bybit, was quick to respond to the claims, stressing that his company did have a $150 million exposure to the defunct cryptocurrency lender through its investment arm Mirana.

Zhou made the observation that Mirana only managed a portion of Bybit’s assets, and that the estimated $151 million exposure included about $120 million of guaranteed stakes, all of which Mirana had previously liquidated.

In addition, he made sure that customer cash is kept separate and that the various products offered by Bybit do not use Mirana.

Although many people appreciated the quick response provided by the co-founder, many others still had more concerns about the clarification, particularly in relation to the various items the firm offers.

One of the users sought full transparency on the earning elements and the return generation process.

Another user expressed concern about their connection to Mirana, asking whether or not they follow a comparable strategy to FTX/Alameda.

Others were perplexed by the timing of the revelation, considering the many problems that have been associated with the book of Genesis.

Some of Genesis’s largest lenders, such as Gemini, have voiced their demands that action be taken against Digital Currency Group, which is Genesis’ parent business.

One user commented: “If you tweet ‘full transparency’ only after being caught with your pants down, then your claim is immediately invalidated.

ByBit would have disclosed this information a few months ago if it was considered “full transparency.”

“Lots of other people wanted proof that transactions had taken place between Bybit and Marina as some sort of collateral, while also reminding Zhou that previous FTX executives had made quite similar comments.

I appreciate the promptness with which you have responded to this.

Note that despite this, everyone is still on edge.

People will have a more positive reaction and feel better about themselves if you can present more proof or evidence. The CryptoData Twitter account (@TheCryptoData) January 20, 2023