00:00Welcome back to Decentralized News. In today's video we're looking at Genesis which has now gone on to confirm that they did indeed lose hundreds of millions due to exposure to three hours capital in Babel Finance.
00:14If you want to know more about Babel especially you can go check out the review that we did or the company profile we did I think a year and a bit ago on Decentralized.News.
00:24Give us a like and a subscribe as well on this channel. So what is happening here with Genesis which is this big mining company. It is a crypto broker and lender in fact and Genesis did lose a few hundred million dollars in just losses during the recent crypto downturn and these were partially sort of due to their exposure to
00:54the now bankrupt three hours capital and the insolvent Babel Finance and Genesis is actually a company owned by deep pocketed digital currency group which is a conglomerate that owns several crypto businesses
01:12including the likes of Luna Exchange and this may be what might actually make it possible for them to weather this loss but if you know anything Genesis was pretty big
01:28and the CEO Michael Morrow tweeted that digital currency group has assumed certain liabilities of Genesis relating to three hours capitals inability to meet a margin call and this actually is quite interesting because if you think about it as well
01:48it was only last week that Genesis was facing these losses due to this exposure and they also noted that
01:57digital currency group would probably step in to try to assist them with that. So that's just an update on what was going on with the Genesis saga
02:09as far as far as their exposure to three hours capital and also to Babel Finance, some of the crypto companies that have been hit quite hard in this market downturn.
02:23Let me know what your thoughts are and also don't forget to check out the links in the description, like, share, subscribe, turn on the notification bell. See you in the next video. Peace.
Be the first to comment