According to The Block, Genesis Trading, a cryptocurrency market maker and lending company, said on Twitter that in anticipation of violent market volatility, hedging and selling collateral to reduce risk, but still caused a loss of $7 million . Genesis Trading stated that it does not hold a large amount of risk exposure to tokens issued by FTT and other centralized exchanges. 95% of the collateral in the lending business consists of US dollars or US dollar stablecoins, Bitcoin and Ethereum. FTX has a transaction relationship but no lending relationship. At present, Genesis Trading's spot and derivatives lending and trading business is still operating normally.