1 year ago
ByBit CEO Ben Zhou said his exchange’s vulnerability to bankrupt crypto lender Genesis was restricted to its concern limb Mirana.
Genesis Global’s section 11 filing showed that Mirana was 1 of its apical 5 creditors — the lender owes the concern steadfast $151.5 million.
Zhou said Mirana lone managed immoderate of ByBit’s assets, adding that the firm’s clients’ funds were separated and its gain merchandise does not usage Mirana.
The ByBit CEO further clarified that the $151 cardinal vulnerability was collateralized by astir $120 cardinal which Mirana had liquidated already.
Community questions ByBit
The crypto assemblage has raised further questions astir ByBit’s gain product. Some members of the assemblage asked however the merchandise was managed and however its output was generated.
Kosen Labs CEO Miljan Martic tweeted that the “numbers don’t adhd up” and determination was “no impervious of thing connected (the) blockchain.” According to him, Zhou besides employed “dubious language” successful his clarification.
Diyan Slavov questioned if ByBit was “running an FTX/Alameda benignant of relationship,” portion respective others requested impervious of transactions betwixt the speech and its concern arm.
Meanwhile, respective others praised the timeliness of Zhou’s clarifications.
The station ByBit CEO clarifies Mirana vulnerability to bankrupt Genesis appeared archetypal connected CryptoSlate.
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