Genesis Trading confirmed the elimination of Three Arrows Capital
The head of Genesis Trading, Michael Moro admitted that in June a Virus – the first cryptocurrency OTC platform eliminated the position of the Head Fund Three Arrows Capital (3ac).
The top manager explained that the platform immediately got rid of the collateral that the hedge fund used to receive a loan. This happened after a decrease in the cost below the supported margin, which ranges more than 80%.
“Since then, we have been looking for the optimal strategy with the [maternal] DCG for further risk isolation. The company has taken on a certain part of Genesis losses associated with 3ac to ensure sufficient capital to conduct and expand our business in the long term ”, He explained.
Later, the 8 Blocks Capital trading company accused the hedge fund of using clients for covering marzhin-collars.
According to some reports, due to the inability of the latter, the marginal requirements of the 3AC positions were also eliminated by the cryptocurrency platforms of BitMex, FTX and Deribit.
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