While the FTX collapse may have had a severe effect on the broader crypto market, some companies bore the brunt of the impact and were directly hit by the storm that the embattled crypto exchange brought.$175 million in locked funds
within the firm's trading account in FTX. However, the company noted that this does not have an impact on its market-making activities. Furthermore, the trading firm clarified that this exposure is not material to the business and won't get in the way of its operations. As part of our goal in providing transparency around this week’s market events, the Genesis derivatives business currently has ~$175M in locked funds in our FTX trading account. This does not impact our market-making activities.While the company had trading relationships with the crypto exchange, the firm also clarified that it does not have an ongoing lending relationship with FTX or Alameda Research.to FTX. Within the amount, the firm highlighted that $47.
“The $150M loss is offset by ~$7.5B in realized and unrealized gains in the same fund, so the fund remains in good shape.” The firm also highlighted that they are in the"business of taking risk," suggesting that some investments will have their upsides while some will have their downsides.