• Bybit founder Ben Zhao addressed concerns about Bybit’s exposure to the now-bankrupt crypto lender Genesis Global Capital.
• According to court filings, Genesis owes its top 50 creditors $3.4 billion, including Bybit’s investment unit Mirana.
• Zhao clarified that Mirana had already secured $120 million of collateralized positions and the Bybit Earn product does not use Mirana.

The crypto world was recently abuzz with news of the now-bankrupt crypto lender Genesis Global Capital. According to court filings, the company owes its top 50 creditors $3.4 billion, including Bybit’s investment unit Mirana. As a result, Bybit founder Ben Zhao took it to Twitter to address concerns regarding the company’s exposure to the struggling crypto lender.

The filing showed that Genesis owes its Mirana unit approximately $151 million. However, in response to a tweet mentioning Mirana’s exposure to Genesis, Zhao stated that the reported $151 million has around $120 million of collateralized positions. He further clarified that the Bybit Earn product does not use Mirana, so users of the product need not worry about any exposure to the bankrupt crypto lender.

It is worth noting that Bybit is one of the largest and most popular crypto exchanges in the world. The company is known for its competitive trading fees and high liquidity, which has made it a favorite among traders around the globe. It is also backed by a number of well-known venture capital firms, such as IDG Capital, Bitmain, and Matrix Partners.

With all this in mind, it is clear that Bybit is a reliable and secure platform for trading digital assets. While the company may have had some exposure to Genesis Global Capital, it appears that Zhao and his team have taken the necessary steps to protect their users and their investments. Bybit is confident that its users will be safe and secure on their platform.