Crypto lending company Genesis is reported to have lent $2.36 billion to Three Arrows Capital (3AC), who recently filed for Chapter 15 bankruptcy. Although it was previously reported that Genesis was facing a potential nine-figure loss from exposure to the hedge fund, the exact number was unknown until now.
Genesis initially attempted to have the debt repaid through the American Arbitration Association, but has since halted the proceedings after liquidators Teneo were appointed.
Details of the under-collateralized loans are presented in a 1,157 page legal document by Teneo. Genesis maintains that its company "continues to be well-capitalized" and is conducting business as usual.
Publicly-traded crypto exchange Coinbase has shut down its affiliate program until at least the end of the year, citing the bear market for its decision. Influencers who were part of the program were notified via email that commissions would end on July 19th.
Some of the community have treated the move as a red flag, pointing to possible liquidity concerns. Coinbase appears to be cutting costs where it can as of late, also laying off 18% of its employees last month.
The Ethereum Foundation's Time Beiko has given Ethereum's merge to proof-of-stake a "soft" timeline, with the grand event expected to occur the week of September 19th. The estimate was provided in a PoS Implementers call.
The transition from proof-of-work seeks to slash the network's energy consumption by 99.95%, as well as introduce security and scaling benefits.
