Factbox-From Binance to Voyager, Crypto Firms’ Exposure to FTX Is Coming to Light

FILE PHOTO: Binance and FTX logo designs are seen in this illustration taken, November 8,2022 REUTERS/Dado Ruvic/Illustration/File PhotoReuters LONDON (Reuters) – After significant crypto exchange FTX declared U.S. insolvency security on Friday, the crypto market is bracing for additional fallout. A few of FTX’s financiers have actually stated they are composing their financial investment to absolutely no. Other crypto companies might be exposed to FTX by having actually held tokens on the exchange or by owning FTX’s native token, FTT, which plunged around 94% recently. While the level of the contagion throughout crypto markets stays uncertain, here are some companies who have actually offered info about their direct exposure to FTX. BINANCE Binance Chief Executive Changpeng Zhao stimulated issues amongst financiers on Nov. 6 when he stated in a tweet that Binance would offer its holdings of FTT. Zhao informed a Twitter areas occasion on Monday that Binance had actually formerly held $580 million worth of FTT, of which “we just offered rather a little part, we still hold a big bag”. BLOCKFI Embattled cryptocurrency loan provider BlockFi stated it had substantial direct exposure to FTX which withdrawals from its platform continue to be stopped briefly. “We do have considerable direct exposure to FTX and involved business entities that incorporates commitments owed to us by Alameda, possessions held at FTX.com, and undrawn quantities from our credit limit with FTX.US,” BlockFi stated. In July, FTX had actually signed a handle the distressed crypto loan provider to offer it with a $400 million revolving credit center with an alternative to purchase it for approximately $240 million. CELSIUS NETWORK Bankrupt crypto loan provider Celsius Network stated in a tweet on Nov. 11 that it had 3.5 million Serum tokens (SRM) on FTX along with around $13 million in loans to FTX-linked trading business Alameda Research. The loans were under-collateralised, primarily by FTT tokens, Celsius stated. COINBASE Coinbase Global Inc stated in a post on Nov. 8 that it had $15 million worth of deposits on FTX. It stated it had no direct exposure to FTT, no direct exposure to Alameda Research, and no loans to FTX. It stated it had $5 billion in money and money equivalents at the end of Q3. COINSHARES Crypto possession supervisor CoinShares has $303 million worth of direct exposure to crypto exchange FTX, CoinShares stated in a declaration on Nov.10 CoinShares CEO Jean-Marie Mognetti stated tha
Read More