全球最大加密借贷平台Genesis暂停提现，究竟出现了什么问题？

区块律动Published on 2022-11-17Last updated on 2022-11-17

Abstract

Genesis是如何被三箭资本和FTX影响的？

11 月 16 日，Genesis Trading 在北京时间 21 点准时向所有债权人和客户开了一场不到 10 分钟的电话会议。与其说会议，不如说是通知。会议中，Genesis 宣布贷款部门 Genesis Global Capital 将暂停赎回和新贷款发放服务，后续的安排会在下周宣布。说罢，电话会结束。

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继 Celsius、Voyager、3AC、Babel、FTX 等等知名机构或者平台相继暴雷后，这家全球最大的加密货币借贷平台也宣布停止提款了，同时也暂停放贷。

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在电话会议和 Genesis 官方推特的解释中，三箭资本和 FTX 是两个相当大的影响因素。Genesis 表示，三箭资本的违约对 Genesis 借贷部门 Genesis Global Capital 的流动性产生了负面影响。从那时起，Genesis 一直在降低账面风险并增强其流动性状况和抵押品质量。但 FTX 的崩溃造成了前所未有的市场动荡，导致异常提现请求超出了 Genesis 目前的流动性。

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目前看来，如果找不到新的流动性或者所谓的「救世主」，Genesis 借贷部门宣布破产也只是时间问题。

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中心化平台间的连环杠杆与暴雷我们已经经历了半年，在一年前这场史无前例的机构杠杆牛市中，机构的财报有多惊人，这场连环爆仓的影响就有多大。现在就连这家曾经也救助过不少其他机构的加密借贷龙头也到了破产边缘。Genesis 究竟是如何被三箭资本和 FTX 影响的呢？

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三箭资本与 FTX 对 Genesis Trading 的影响

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Genesis 和三箭资本最初的渊源得追溯到 GBTC。GBTC 是由 Grayscale 推出的灰度比特币信托基金。GBTC 最大的一个特点在于可使用 BTC 申购 GBTC 份额，但无法通过 GBTC 赎回 BTC。这一机制为三箭资本快速崛起打开了窗口，同时也注定最后会留下一地鸡毛。

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在大放水的宏观周期以及新周期加密叙事背景下，GBTC 兑 BTC 保持着长期溢价。面对着看似无风险的套利机会，三箭资本入场了。根据公开资料，截至 2020 年年底，三箭资本是灰度 GBTC 的最大持仓者，持有 5.6168% 的 GBTC 份额，当时市值约为 12.4 亿美元。此时，GBTC 相对 BTC 溢价 23.5%。

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事实上，为了完成快速资本积累，三箭资本通过场外获得 BTC，并申购 GBTC，在高溢价的时候将 GBTC 质押给 Genesis 贷出 BTC，重复循环申购、质押、借贷。

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随着 Purpose Bitcoin ETF、3iQ CoinShares Bitcoin ETF 等 BTC ETF 的推出，稀释了 GBTC 的稀缺性，GBTC 的溢价开始走低，甚至开始了负溢价。由于其无法赎回 BTC 机制，在低流动性市场下，投机者缺乏动力买入 GBTC。

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加密资产进入下行周期，GBTC 也出现了负溢价。三箭资本在 Genesis 的抵押品面临被清算的风险。众所周知，GBTC 不能赎回，只能二级市场卖，如果三箭要补 Margin call 只能在二级抛售 GBTC。而这可能导致 GBTC 的负溢价进一步扩大。

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三箭资本在破产清算 2 周前，扔在押注 GBTC，不断向场外客户宣传 GBTC 套利产品。事后来看，三箭资本始终相信 GBTC 的负溢价能够缩小，即使不能缩小，Genesis 也有极大的概率不会清算自己的抵押物。

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三箭资本的自信源自，Genesis 是 DCG 子公司，同时，其质押的 GBTC 也是 DCG 于 2013 年成立的数字资产管理公司灰度推出的信托。一旦，Genesis 清算三箭资本的抵押物，势必将会影响到灰度的发展。

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然而，三箭资本的债主并非只有 Genesis，根据三箭资本清算人公布的文件，三箭资本共亏欠 27 家加密公司约 35 亿美元，其中亏欠 Genesis 的违约贷款约 23.6 亿美元。Genesis 清算了三箭资本质押的 1740 万 GBTC、44.6 万 ETHE 等资产。

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在三箭资本违约后，Genesis 母公司 DCG 承担了 12 亿美元的全部索赔。随后，Genesis 也开始调整其策略，降低账面风险和提高抵押品质量，以缓解下一个暴雷对自己的影响。

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经历了三箭资本的流动性危机，再加上市场的单边下行，给 Genesis 带来了不小的影响，截止今年 Q3，Genesis 的在贷余额仅有 28 亿美元，比一年前的在贷规模小了超过 100 亿美元。我们会在下文用时间线列出自三箭资本暴雷后 Genesis 的相关举动。

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小心翼翼的玩家们在 5 个月后，又迎来了 FTX 的暴雷，这家全球第二大加密货币交易平台在 3 天内的覆灭，波及面比我们想象的还要广。虽然在事件后，Genesis 马上表示，管理贷款账簿且没有重大的净信用风险敞口，只有其衍生品部门在 FTX 交易账户有 1.75 亿美元资金没有提出来。但从今天的禁止赎回的通知上看，影响似乎不小。

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即使他们已经尝试了提高抵押品的质量，但从 Genesis 今年 Q3 的报告来看，新策略效果并不明显，因为他们的抵押品里有 Solana 的 Token SOL。今年 Q3 报告显示，Genesis 的 SOL 净流入现了有史以来最高的季度增幅，比第二季度增长了 217%。

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三箭资本的破产导致 Genesis 的业务量大幅缩水，被抵押的 Altcoin 却达到了历史高点。这显然与其承诺要降低账面风险和提高抵押品质量的战略不符。SOL 作为抵押物在 Genesis 突然增加，而 FTX 的暴雷让 SOL 的价格一落千丈，两周内从接近 40 美元跌到了 14 美元。这些抵押物形成的坏账，让 Genesis 措手不及。虽然目前无法直接得出 SOL 的暴跌令 Genesis 陷入危机，但显然 Altcoin 价格波动对 Genesis 的影响越来越大。

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Genesis 半年时间线，三箭与宏观双重打击下的借贷龙头

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Genesis 最早成立于 2013 年，是美国首个比特币场外交易平台。作为布局加密市场的重要棋子，Genesis 与灰度在过去几年里一直是 DCG 的杀手双子星，灰度负责 GBTC 证券服务，Genesis 负责交易、借贷和托管服务，为 GBTC 提供流动性支持。此后，Genesis 的业务拓展到衍生品交易、加密货币借贷与托管等业务，是加密货币市场最大的综合服务商之一。2018 年，Genesis 成为第五家获得纽约金融服务部（DFS）颁发的 BitLicense 许可证的公司。2021 年 Q4，Genesis 平台在贷余额超 160 亿美元，达到巅峰。但随着市场下行和三箭资本暴雷，Genesis 也不得不采取措施。

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6 月 18 日，Genesis Trading 首席执行官 Michael Moro 在 Twitter 上表示，本周 Genesis 在某大型交易对手（BlockBeats 注：三箭资本）未能追加保证金的情况下，已采取出售以及对冲抵押品等措施减轻了损失，此外，Genesis 将通过一切可用的方式积极追回任何潜在的损失，但是潜在损失是有限的，可以在资产负债表中扣除，目前公司已摆脱了风险。

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6 月 30 日，有知情人士表示，三箭资本和 Babel Finance 让 Genesis 损失约为几亿美元。Genesis 首席执行官 Michael Moro 发表声明，「正如 6 月中旬所说，我们通过一个大型交易对手来减轻我们的损失，该交易对手未能满足对我们的追加保证金要求。我们出售了抵押品，对冲了我们的下行风险，我们业务继续正常运营，满足客户需求。」

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7 月 7 日，CEO Michael Moro 表示，三箭资本是其大型交易对手，但已因未能在 6 月份满足巨额追加保证金要求，迫使相关抵押品清算。DCG 已承担了部分损失。Michael Moro 称，三箭资本 贷款的加权平均保证金要求为 80%。一旦突破该水平并且补充发布额外的保证金，Genesis 就会出售抵押品对冲进一步的下行风险。

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7 月 19 日，The Block 报道，Genesis 曾向三箭资本提供 23.6 亿美元贷款，且平均保证金要求超过 80%，一旦无法满足追加保证金的要求，Genesis 就会出售抵押品对冲进一步的下行风险。

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而目前这些债务已抵押不足，上个月 Genesis 试图通过在纽约的美国仲裁协会（AAA）启动对三箭资本 的仲裁程序来收回部分贷款，但在：

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6 月底聘请咨询公司 Teneo 监督 三箭资本 清算后便暂停了仲裁程序。

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8 月 17 日，Genesis CEO 离职，同时宣布裁员 20%。

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9 月 1 日，Genesis 市场洞察主管 Noelle Acheson 离职。

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9 月 29 日，Genesis 销售和贸易联合主管 Matt Ballensweigm 离职。

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10 月 6 日，同为 DCG 旗下的灰度推出了专用经纪自营商「Grayscale Investments」，替代了大部分此前与 Genesis Global Trading 合作处理的业务，并表示后续虽然 Genesis Global Trading 将不再作为灰度产品的授权参与者，但会继续作为灰度的流动性提供者。

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10 月 21 日，Genesis 新任首席风险官 Michael Patchen 在加入公司仅三个月后离职。

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11 月 8 日，被 Etherscan 标记为 Genesis Trading: OTC Desk 的地址分 6 次向 5 个地址共转出逾 320 万枚 FTT（约合 5300 万美元）。

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11 月 9 日，FTX 暴雷引发市场剧烈波动，Genesis 发推称，「关于今天的市场事件，其管理了贷款账簿并且没有重大的净信用风险敞口。此外，Genesis 未持有任何中心化交易所发行的代币。我们继续在所有产品上满足全球客户的需求。」

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11 月 10 日，据 The Block 报道，加密货币做市商和贷款公司 Genesis Trading 在推特上表示，因预计市场会出现剧烈波动，通过对冲和出售抵押品的方式来降低风险，但仍造成了 700 万美元的损失。Genesis Trading 表示，没有对 FTT 以及其他中心化交易所发行的代币持有大量的风险敞口，借贷业务中 95% 的抵押品由美元或美元稳定币、比特币和以太坊组成，且虽然与 FTX 有交易关系但没有借贷关系。目前 Genesis Trading 的现货和衍生品的借贷和交易业务仍在正常运行。

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11 月 11 日，Digital Currency Group（DCG）旗下做市商和贷款公司 Genesis Trading 表示，「Genesis Trading 衍生品业务目前在其 FTX 交易帐户中拥有约 1.75 亿美元的锁定资金，这不会影响其做市活动，我们在 FTX 中的运营资本和净头头寸对业务不造成重要影响。另外，Genesis Trading 与 FTX 或 Alameda 没有持续的贷款关系。」

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11 月 11 日，Genesis 将从其母公司 Digital Currency Group 获得 1.4 亿美元的股权注入。注资将用于加强 Genesis 的资产负债表并巩固其在加密市场的地位。此前，Genesis Trading 披露其 1.75 亿美元的衍生品业务相关资产锁定在 FTX 账户中。

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11 月 16 日，Genesis Trading 与债券人、客户进行电话会，宣布暂停放贷和抵押物的赎回，具体方案下周公布。

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What is $BITCOIN

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