ByBit CEO clarifies Mirana exposure to bankrupt Genesis

CryptoSlate

Ben Zhao said Mirana’s reported $151 million exposure was collateralized by around $120 million which has already been liquidated.

Cover art/illustration via CryptoSlate

ByBit CEO Ben Zhou said his exchange’s exposure to bankrupt crypto lender Genesis was restricted to its investment arm Mirana.

Genesis Global’s chapter 11 filing showed that Mirana was one of its top five creditors — the lender owes the investment firm $151.5 million.

How To Get Free Crypto  

Zhou said Mirana only managed some of ByBit’s assets, adding that the firm’s clients’ funds were separated and its earn product does not use Mirana.

The ByBit CEO further clarified that the $151 million exposure was collateralized by around $120 million which Mirana had liquidated already.

Community questions ByBit

The crypto community has raised further questions about ByBit’s earn product. Some members of the community asked how the product was managed and how its yield was generated.

Kosen Labs CEO Miljan Martic tweeted that the “numbers don’t add up” and there was “no proof of anything on (the) blockchain.” According to him, Zhou also employed “dubious language” in his clarification.

Coinbase Banner  

Diyan Slavov questioned if ByBit was “running an FTX/Alameda kind of relationship,” while several others requested proof of transactions between the exchange and its investment arm.

Meanwhile, several others praised the timeliness of Zhou’s clarifications.

Posted In: Lending
Latest Report

Second week of 2023, and it’s off to the races for Bitcoin

Breaking through resistance: Understand the factors driving Bitcoin’s surge past $21,000 in our latest market report.

James Van Straten · 5 days ago

Bybit, Swyftx join layoff spree following FTX collapse

ByBit report claims Solana had strong network growth in Q2 on the back of GameFi, DAOs

FreeBitcoin Banner  

Go to Source
Author: Oluwapelumi Adejumo


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.