Genesis’s Former CEO Returns to Market with New Crypto Firm - Michael Moro has made a comeback as CEO of a new crypto derivatives exchange over 8 months after stepping down from his position at Genesis Trading.

    Michael Moro, the former CEO of bankrupt crypto lender Genesis Global Capital has joined Ankex as chief executive. “Having come from Genesis and seen the events of 2022 unfold, I’m acutely aware of the importance of empowering traders to operate on trustless platforms while retaining full control of their assets at all times”, said Moro in a press release.

    Genesis is a crypto lender firm that suffered huge losses due to the crash of the FTX exchange in November 2022. The lender said it had assets and liabilities in the range of $1B to $10B, and estimated it had more than 100,000 creditors in its filing with the US bankruptcy court for the southern district of New York.

    Ankex is a crypto derivatives exchange that offers sophisticated trading and transparency from the secure self-custody of a decentralized wallet.

    In related news, the new exchange OPNX of former hedge fund Three Arrows Capital (former partners of Genesis) Kyle Davies and Su Zhu officially went into operation on April 4. This platform lets users trade claims of bankrupt crypto companies such as FTX, Genesis, Celsius, Voyager, BlockFi, and even 3AC.

    Since the start of the year, crypto derivatives markets have seen a surge in activity with bitcoin futures volumes topping $1.3 trillion last month. Coinbase plans to set up a new trading venue outside of the United States; Gemini wants to launch an international crypto derivatives exchange.

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