Genesis trading has been revealed to have $5 billion in liabilities. That’s almost as much as FTX, and we all know how big that was.

Bankrupt crypto lending firm Genesis held $5.1 billion in liabilities in the weeks following its freeze on withdrawals last November, according to court documents signed by interim CEO Derar Islim.

Genesis Trading begun a new round round of layoffs, reducing its workforce by 30%, a source familiar with the matter told The Block. 

Grayscale Investments now holds an estimated 3.28% of Bitcoin’s total supply and 2.54% of Ethereum at a time when its parent company DCG, has a $1.1 billion financial hole.

Longtime TradFi hedge fund operator Hunting Hill Global Capital tapped Martin Garcia, who spent more than half a dozen years at Genesis, as chief investment officer for its emerging crypto-only affiliate, Hunting Hill Digital, sources said. Garcia, in charge of the unit’s hiring, is evidently looking to use that job market to his advantage. 

The collapse of FTX triggered an avalanche in crypto. Genesis and Digital Currency Group (DCG) are the most notable names among those affected.

Barry Silbert, the man atop this shaky DCG / Genesis / GBTC empire, shows how stereotypes hinder investors’ ability to properly manage risk.

Coin Cloud, which operates automated teller machines that sell crypto currencies, had been seeking additional capital from Genesis, a digital asset brokerage, but it’s unclear if discussions are continuing as its rescuer itself struggles to raise cash.

Digital Currency Group (DCG) CEO Barry Silbert sent shareholders a memo on Nov. 22 addressing the situation surrounding Genesis’ liquidity. Silbert said the suspension of withdrawals at Genesis’ lending arm Genesis Global Capital was an “issue of liquidity and duration mismatch in the Genesis loan book”. The CEO noted that these issues have “no impact” on Genesis’ spot and derivatives trading or custody businesses. Genesis has hired financial and legal advisers to look at “all possible options amidst the fallout from the implosion of FTX”.

Coinbase said on Twitter that they have zero exposure to Genesis Trading.