Ben Zhou, co-founder and CEO of crypto exchange Bybit, has commented on the community’s reaction to the fact that exchange turned out to be one of the largest creditors of Genesis Global, which has recently filed for bankruptcy.
According to him, its debt to Mirana, which is affiliated with the exchange, is $151.5 million. The amount is second only to the obligations to Gemini, owned by the Winklevoss brothers – $765.9 million.
He has confirmed that Mirana is the investment arm of the company. According to him, the structure manages “some assets” of Bybit.
He has added:
“Client funds are separated and the exchange’s revenue product does not use Mirana. That $151 million includes about $120 million of collateralized positions that the firm has already liquidated.”