Can Barry Silbert Delay the Inevitable?

It’s unclear how dangerous issues will get, nonetheless. Genesis, in keeping with Silbert, is dealing with a liquidity situation however isn’t bancrupt. Placing apart the $175 million Genesis misplaced in an FTX buying and selling account, the lending firm’s actual issues stem from the early days of the crypto contagion, when certainly one of its largest shoppers, the now-defunct hedge fund Three Arrows Capital (3AC), filed for chapter. Genesis filed a $1.2 billion declare in opposition to 3AC, and will have loaned the hedge fund upwards of $2.36 billion, in keeping with a court docket submitting. It’s prone to get a fraction of that again within the 3AC chapter course of.