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. Institutional trading firm Genesis announced on Nov. 11 that it had $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. 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. Blockchain financial services company Galaxy Digital recently disclosed its $76.8 million exposure to FTX. Within the amount, the firm highlighted that $47.5 million is already in the process of being withdrawn. Despite the exposure, the company highlighted that it still has $1.5 billion in liquidity. This includes $1 billion worth of cash and $235.8 million in stablecoins which can cover its losses.
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