BREAKING: Crypto lender Genesis lent $2.36 billion to Three Arrows Capital by RyanJamesWeeks & Yogita_Khatri5
A spokesperson for DCG told The Block: “Both the DCG and Genesis balance sheets remain strong. With no remaining exposure to Three Arrows Capital, Genesis continues to be well-capitalized and its operations are business as usual.”
In its letter to the AAA dated June 15, Genesis claimed that 3AC had breached two lending agreements that were signed in January 2019 and January 2020.on July 6 that the company’s loans to 3AC had a weighted average margin requirement of over 80%, which 3AC had been unable to meet, prompting Genesis to sell its collateral. He also said that Digital Currency Group had assumed certain Genesis liabilities to ensure it has the capital “to operate and scale” its business going forwards.
The documents obtained by The Block refer to a demand from Genesis that $1.1 billion in “outstanding unsecured borrowings” be placed in escrow for the length of the arbitration proceedings. That claim now belongs to Digital Currency Group, not Genesis. The documents also contain details of the collateral posted by 3AC. Backing Genesis’ loans were three blocks of shares in the Grayscale Bitcoin Trust , totaling 17,443,644 shares; 446,928 shares in the Grayscale Ethereum Trust; 2,739,043.83 AVAX, the native token of the Avalanche blockchain; and 13,583,265, NEAR Protocol’s native token.
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