Factbox-From BlockFi to Genesis, crypto corporations reel from publicity to FTX By Reuters

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© Reuters. FILE PHOTO: The brand of FTX is seen on the entrance of the FTX Area in Miami, Florida, U.S., November 12, 2022. REUTERS/Marco Bello/File Picture

(Reuters) – After the collapse of main cryptocurrency alternate FTX, the trade is bracing for additional ache due to the publicity of many firms to FTX and its affiliated buying and selling agency Alameda Analysis.

Listed below are some corporations which have given details about their publicity to FTX.

BLOCKFI

BlockFi filed for chapter on Nov. 28, weeks after the crypto lender mentioned it was pausing shopper withdrawals. In July, FTX had signed a cope with an possibility to purchase BlockFi for as much as $240 million.

GENESIS

The crypto lending arm of U.S. digital asset dealer Genesis Buying and selling suspended buyer redemptions earlier this month, citing the sudden failure of FTX.

Genesis mentioned in a tweet on Nov. 10 that its derivatives enterprise has roughly $175 million in locked funds on FTX.

Nevertheless, Genesis had no materials publicity to FTX’s native token FTT, or another tokens issued by centralized exchanges, the agency mentioned in a tweet on Nov. 9.

BINANCE

Binance Chief Government Changpeng Zhao sparked considerations amongst traders on Nov. 6 when he mentioned in a tweet that the crypto alternate would promote its holdings of FTT.

Zhao instructed a Twitter areas occasion that Binance had beforehand held $580 million price of FTT, of which “we solely bought fairly a small portion, we nonetheless maintain a big bag.”

CELSIUS NETWORK

Bankrupt crypto lender Celsius Community mentioned in a tweet on Nov. 11 that it had 3.5 million Serum tokens (SRM) on FTX in addition to round $13 million in loans to FTX-linked buying and selling firm Alameda Analysis. The loans had been under-collateralised, largely by FTT tokens, Celsius mentioned.

COINBASE

Coinbase (NASDAQ:) World Inc mentioned in a weblog publish on Nov. 8 that it had $15 million price of deposits on FTX. It mentioned it had no publicity to FTT or Alameda Analysis and no loans to FTX.

COINSHARES

Crypto asset supervisor CoinShares has $30.3 million price of publicity to crypto alternate FTX, it mentioned in an announcement on Nov. 10.

CoinShares CEO Jean-Marie Mognetti mentioned the group’s monetary well being stays “sturdy.”

CRYPTO.COM

Singapore-based crypto alternate Crypto.com mentioned on Nov. 14 it had moved about $1 billion to FTX over the course of a yr, however most of it was recovered and publicity on the time of FTX’s collapse was lower than $10 million.

CEO Kris Marszalek mentioned the agency would show improper all naysayers who thought the platform was in bother, including it had a sturdy steadiness sheet and took no dangers.

GALAXY DIGITAL

Crypto monetary providers firm Galaxy Digital Holdings Ltd mentioned in its third-quarter earnings assertion on Nov. 9 – the day after FTX froze withdrawals – that it had $76.8 million price of publicity to FTX, of which $47.5 million was “within the withdrawal course of.”

GALOIS CAPITAL

Hedge fund Galois Capital had half its property trapped on FTX, co-founder Kevin Zhou instructed traders in a current letter, the Monetary Instances reported, estimating the quantity to be round $100 million.

Galois didn’t reply to requests for remark by Reuters.

KRAKEN

Cryptocurrency alternate Kraken mentioned on Nov. 10 that it held about 9,000 FTT tokens on the FTX alternate and was not affected “in any materials manner”.

SILVERGATE CAPITAL CORP

Silvergate Capital (NYSE:) Corp mentioned on Nov. 11 FTX represented lower than 10% of $11.9 billion in deposits from all digital asset clients as of Sept. 30.

The monetary options supplier to digital property additionally mentioned Silvergate has no excellent loans or investments in FTX, and that FTX is just not a custodian for Silvergate’s bitcoin-collateralized Silvergate Alternate Community (SEN) leverage loans.

VOYAGER DIGITAL

Bankrupt crypto lender Voyager Digital, which was set to promote its property to FTX after a $1.42 billion deal bid by the alternate in September, had a steadiness of roughly $3 million at FTX.

It additionally reopened the bidding earlier this month.

GRAYSCALE

Crypto asset supervisor Grayscale, whose flagship Grayscale Belief (GBTC) is the world’s largest bitcoin fund, instructed traders that the current market occasions have had no impression on its product operations or the safety of the holdings in its funds.

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