Ex-Genesis execs raised millions for crypto hedge fund just as former company neared bankruptcy
Just weeks before crypto lender Genesis filed for bankruptcy, three former employees of the company had secured millions of dollars for a new crypto hedge fund, according to correspondence viewed by CNBC.
Matt Ballensweig, who left Genesis in September after more than five years at the firm, sent a message to a prospective investor in mid-December, regarding a fund he was starting called Hunting Hill Digital. Ballensweig said he’d already secured $2.5 million from Bessemer Venture Partners at a $30 million post-money valuation, and wrote in the message that he and his partners were in the process of raising another $5 million.
The fund’s “flagship product” would go live in the first quarter of 2023, the message said.
Other partners in the fund would include Martin Garcia, who spent more than six years at Genesis, and Reed Werbitt, Genesis’ former head of trading, the message said. Werbitt, Garcia, and Ballensweig all left Genesis around the same time in 2022.
Genesis, which is owned by Barry Silbert’s Digital Currency Group, filed for bankruptcy protection on Thursday, the latest casualty in the industry contagion caused by the collapse of crypto exchange FTX in November. In its bankruptcy filing, Genesis listed over 100,000 creditors, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars.
Ballensweig was named in legal filings surrounding the implosion of Genesis’ lending book. Gemini, a crypto exchange and major Genesis client, accused Ballensweig of falsely reassuring Gemini in July that Genesis was financially stable. Gemini claimed that Ballensweig told its representatives that Genesis had “capital to operate… for the long term,” according to court filings.
Ballensweig did not respond to a request for comment on the allegations made against him by Gemini or on his recent capital raise.
Ballensweig spent his final nine months at Genesis as managing director and co-head of trading and lending.
The ex-Genesis employees teamed up with Adam Guren from hedge fund Hunting Hill, Ballensweig said. Hunting Hill is a $718 million hedge fund, which launched in 2010 and moved into digital asset investing in 2020 with a crypto opportunities fund.
Neither Hunting Hill nor Bessemer immediately responded to a request for comment.
Ballensweig pitched the flagship product as an “alpha multistrat (delta neutral),” or a fund specializing in multi-strategy, low-risk, high-return investments. He added that the trio would also launch two other beta products including a “Top 25 Index” and a “DeFi beta.”
“Think you’d be a valuable early partner,” Ballensweig said in his pitch.
Ballensweig isn’t the only Genesis alum seeking to launch a fund. Roshun Patel, a former vice president at Genesis who left the company in March after almost four years, was raising cash for a new fund in mid-2022. CNBC reached out to Garcia, Werbitt and Patel for comment on their raises but did not immediately hear back.
A dozen Tesla vehicles burned at a store in Toulouse, France. Arson is suspected amid global protests and vandalism attacks against Tesla and Elon Musk.
Last night, a dozen Tesla vehicles burned down at Tesla’s retail and service location in Plaisance-du-Touch near Toulouse, France.
Firefighters arrived on the scene at around 4 a.m. and contained the fire to the vehicles. Eight of them were completely destroyed, and four were greatly damaged. The damages are estimated at over 700,000 euros.
According to the local news (translated from French), the police suspected arson as a hole was found in a fence, and threats had been made over the last few weeks. The Tesla location remained closed all day.
Tesla is currently being protested by anti-fascist groups around the world, especially in the US, where many are targeting Tesla to protest against Elon Musk’s involvement in the US government.
In France, there were a few protests planned, but some extremist groups are calling for widespread arson against Tesla stores:
I won’t share the link to the article since it gives step-by-step instructions on how to burn down Tesla stores without getting caught, but the manifesto explains that they are going after Tesla as a “symbol of capitalism,” although they also list a dozen other reasons including the fact that they think it’s “doable and cheap.”
Electrek’s Take
This is getting nuts. It’s not only dangerous, but it’s also not super effective in achieving the goal they claim to want to achieve.
Have they never heard of insurance? Tesla is having issues selling cars right now. You are burning unsold inventory that they can then claim to their insurance.
Sure, it disrupts their operations for a short period of time, but it’s not worth it.
Their manifesto does say to avoid violence and not to target vehicles owned by individuals – though it doesn’t sound like a strict rule for them, but I think these people are likely going to end up in jail for having achieved nothing.
The protests and boycotts are going strong. You don’t need to burn cars to make yourself heard.
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Environment
Ford F-150 Lightning sales have been falling for months: What’s going on with the EV pickup?
Is Ford’s electric pickup in trouble? Sales have been down for months, and February showed no relief. What’s going on with the Ford F-150 Lightning?
Ford F-150 Lightning sales drop again in February 2025
Ford’s US sales dropped by 9% last month. Although electrified vehicles, including EVs and hybrids, both notched double-digit growth, sales of Ford’s gas-powered (ICE) models, which accounted for over 85% of deliveries, fell nearly 13%.
Hybrids saw higher demand with sales up 27.5% to 15,357, while EV sales increased 15% to 7,326. The Mustang Mach-E was a bright spot with 3,312 models sold in February, up 13% from the prior year.
With 6,841 Mach-Es sold through the first three months of 2025, Ford’s electric crossover SUV remains a top-selling EV in the US.
Ford’s electric pickup didn’t fare as well. F-150 Lightning Sales were down nearly 15% last month with only 2,199 units sold. Through March, Ford has sold 15% fewer Lightning models than it did at this time last year.
Sales of the electric pickup have been slipping for months now. In the final three months of 2024, F-150 Lightning sales were down 10%.
The Lightning, alongside Rivian’s R1T, are no longer the only electric pickups on the market. Ford is facing new competition with the Tesla Cybertruck, Chevy Silverado EV, and GMC Sierra EV, arriving.
According to Cox Automotive, the Tesla Cybertruck slipped past the Lightning to become the fifth best-selling EV in the US last year with nearly 39,000 units sold. Ford’s Lightning was sixth with just over 33,500 models sold.
Ford extended its “Power Promise” promo earlier this year to boost demand, giving EV buyers a Level 2 home charger and other benefits, but Lightning sales are still down.
The American automaker cut Lightning production at its Rouge Electric Vehicle Center last year, citing slower-than-expected demand. A new report from Automotive News claims Ford is now ending a pilot program to stock and distribute EVs through regional hubs after it failed to catch on. It was designed to speed up deliveries.
Although Ford plans to launch a smaller midsize electric pickup, it won’t arrive until at least two more years. With new competition, like the Ram 1500 REV and Volkswagen Scout pickup, hitting the market over the next few years, Ford may find it even harder to attract buyers.
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Costco’s Auto Program recently introduced some new member-only incentives, and the 2025 Volvo EX90 BEV is now on its list.
Volvo is offering Costco Executive Members $2,000 off the 2025 EX90. Costco Gold Star and Business members are eligible for $1,500 off. The incentives are available on all versions of the Volvo EX90 for members who purchase or lease from February 24 to April 30, 2025. It’s the only non-GM EV that’s that’s eligible for an incentive through the EV program.
The offer is compatible with A-Plan pricing for employees, as well as Affinity Pricing for teachers and first responders. Costco members will have had to have been members as of February 23 and be the primary members on the Costco account to qualify.
However, CarsDirect gave the heads up on how buyers can get up to $10,000 off the EX90’s MSRP. As we stated, if you’re a Costco Executive Member, that’s $2,000 off. Then, add the $7,500 EV Lease Allowance and a $500 loyalty discount on leases if you currently own or lease a Volvo or have owned or leased a Volvo within the past six months.
With the destination fee included, the base EX90 MSRP starts at $81,290, so that brings it down to $71,290, a more than 12% discount, a pretty good deal.
The 2025 AWD Volvo EX90, which can seat seven passengers comfortably, has a range of up to 310 miles and is NACS-compatible. It has a 510 hp engine, 110 kWh battery capacity, and can go from 0-60 mph in 4.7 seconds.
Read more: Review: Volvo EX90 is a smooth AWD 7-seat luxury kid-hauler
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