Bybit Founder Addresses Concerns Over Firm’s $151M Exposure to Bankrupt Genesis

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Ben Zhao, the founder of crypto exchange Bybit, took it to Twitter to address concerns raised over the company’s exposure to the now-bankrupt crypto lender Genesis Global Capital.

According to court filings, Genesis owes its top 50 creditors $3.4 billion, including Bybit’s investment unit Mirana. The filing shows that the crypto lender owes Mirana approximately $151 million.

In response to a tweet mentioning Mirana’s exposure to Genesis, Zhao stated that the reported $151 million has around $120 million of collateralized positions, which Mirana had already liquidated.

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