Genesis Execs Had Private Access to FTX Tokens: FT
Main page News, Cryptocurrency Exchanges, FTX, Genesis

Top managers at troubled crypto brokerage firm Genesis had privileged early access to new tokens planned for listing on the now-bankrupt crypto exchange FTX, the Financial Times has learned.

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People familiar with the matter told the media that Genesis executives could invest in tokens at a discounted rate before they were listed on the exchange. One of Genesis former executives confirmed privately that the firm's top managers bought SRM tokens, which later spiked 1,500%.

These offerings have been made in response to funding Alameda Research, Bankman-Fried's private hedge fund, the report notes. The Financial Times notes it is unclear how widespread this scheme was within Genesis.

Genesis Files for Bankruptcy

FTX, through subsidiaries, invested about $5.3 billion in 475 deals. The amounts ranged from $100 million for Mysten Labs to $1 million in checks for Limit Break or Messari. FTX also transferred $2.2 billion to its founder Sam Bankman-Fried through different entities, including Alameda.

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