Genesis faces “hundreds of millions” in losses as 3AC Exposure Swamps Crypto Lenders: Sources

The exact record of Genesis’s losses may not be known for some time because the company is seeking at least partial repayment from its counterparties, and some of the losses may have been offset by hedging, sources said. In the midst of such uncertainty, Genesis has drawn lines of credit from counterparties to the left and right, according to a fourth market source.