Genesis Trading CEO confirms exposure to liquidated 3AC, with parent company plugging losses.
While Moro stopped short of revealing how much it had lent to 3AC, he unpacked the terms of the firm’s loan to the hedge fund and the subsequent chain of events after the debtor failed to meet its repayment obligations:
“The loans to this counterparty had a weighted average margin requirement of over 80%. Once they were unable to meet the margin call requirements, we immediately sold collateral and hedged our downside.”Genesis Trading's parent company Digital Currency Group has assumed some of the liability owed by 3AC in order to ensure Genesis has adequate capital to continue its operations. The firm will continue to explore options to try and recoup losses in the wake of 3AC’s collapse.
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