I'm sure everyone here knows about Genesis announcing Bankruptcy. Recently Bybit CEO disclosed on his Twitter account that they are indeed exposed to Genesis through there Mirana investment company. The intriguing part was they just disclosed this info right after many people on social media posted about this info.
Full disclosure:
1. Mirana is the investment arm of bybit.
2. Mirana only manage some bybit company asset. Client fund is separated snd bybit earn product doesn’t use mirana.
3. The reported 151m has abt 120m of collateralized positions which mirana had already liquidated.
Bybit has an earn program which reward all the user staking on their platform. Due to insufficient details of the CEO, People is now concerned about where Bybit gets those rewards that are being paid for their reward program. They are assuming that the money came from the investment on Genesis lending platform and it will be a huge problem once the source of the reward will be cut-off.
Will Bybit be another company that will bite the dust? We all know that this series of bankruptcy filings is due to the exposure of fallen companies like FTX and Luna.