• Fri. Sep 29th, 2023



Crypto industry participants distant from FTX and ALAMEDA Research


Dec 29, 2022

Crypto industry participants distant from FTX and ALAMEDA Research

Several large crypto industry participants have stated the absence of close relationships with Sam Bankman-Frida FTX and Alameda Research. According to representatives of a number of companies, the current crisis will not affect their activities.

On November 9, journalist Colin Wu called on Circle and Tether, standing behind the USDC and USDT stablecoins, disclose information about their financial relations with problem companies.

Circle and Tether Should Disclose More of Their Financial Relationship with Ftx Alameda to Let Users Know Is a Risk. @jerallaire @paoloardoino We are seeing a lot of assets move from circle to ftx; there are ALSO Reports that Alameda is the Second Largest Issuer of Tether.

– Wu Blockchain (@wublockchain) November 9, 2022

In response, co-founder and CEO Circle Jeremy Allaire said that the company “never provided ftx or alameda loans, did not receive [Utility Token Exchange] FTT as a bail”, did not https://gagarin.news/news/sk-square-suspends-issuing-its-cryptocurrency/ hold and did not sell them.

He also assured that current turbulence did not affect USDC. According to him, Stebblecoin “has“ detailed transparency ”and enjoys the trust of many leading control assets and casteans around the world”.

The technical director of Bitfinex and Tether Paolo Ardoino emphasized that the USDT issuer is not connected with Bankman-Frida. The crisis that has gripped them will not affect business and stablecoin due to the lack of close interaction, he added.

To be clar: #tether sores not have any exposure to ftx or alameda. 0. Null.
Maybe Is Time to look Elsewhere.
SRRY Guys. Try AGain. https: // t.CO/1BRNUGRTR

– Paolo Ardoino 🍐 (@paoloardoino) november 9, 2022

“For clarity: Tether has nothing to do with FTX or AlaMeda. 0. Zero. Maybe it’s time to look elsewhere. Sorry guys. Try again, ”wrote Ardoino.

A similar statement was made by the OTC Cumberland platform. The Deribit cryptocurrency derivatives exchange, which had recently hacking $ 28 million, also distance from FTX and Alameda Research. Representatives of the site added that the company and its structures do not keep assets like FTT or SOLANA.

Genesis Trading emphasized that she continues the usual activity and does not have access to tokens released by centralized exchanges.

With Regard to Today’s Market Events, We Havy Managed OUR Lending Book and Have no Material Net Credit Exposure. In Addition, Genesis Has No Exposure to Ansian Issued by Centralized Exchange. We Continue to Meet the Needs of Oour Clents Around The World Accross All Products.

– Genesis (@genesistrading) november 8, 2022

CEO Crypto.COM Chris Marshalek called the situation with FTX “Sad Day for the Industry”. According to him, the influence of the crisis on the platform is “insignificant”.

OUR Direct Exposure to Ftx Meltdown is Immaterial: Less than $ 10m in OUN Capital Deposited there for Customers ’Trade Execution.

That’s Very Little Compared to Oour Global Revenues Surpassing US $ 1 Billion For Two Consecutive Years.

– Kris | Crypto.COM (@Kris) november 9, 2022

“We have always supported the ratio of reserves 1: 1 and we believe that this is the basic principle of work. We will achieve greater transparency and regulation of the industry to guarantee that this is a standard by which all crypto platforms work, ”Marshalek wrote.

The Temasek company, owned by the Singapore authorities, participating in the FTX investment, in the comment of Reuters stated that she was monitoring the situation.

The founder of Blockfi Florie Marquez said that all products of the company are completely operational, and business does not depend on the Bankman-Frida exchange.

2) @blockfi is an indoPendent Business Entity. We have a $ 400mm line of Credit from https: // t.CO/RFQZ2HYSWU (not https: // t.Co/OVC3GZQ6LB) and Will Remain An InDependent Entity Until at Least July 2023.

– Flori Marquez (@founderflori) November 8, 2022

“Blockfi is an independent business entity. We have a $ 400 million credit line from FTX US (not FTX.COM), and we will remain an independent legal entity at least until July 2023, ”Marquez emphasized.

At the same time, the Galaxy Digital cryptobank Mike Novogradz opened the risks of $ 76.8 million associated with FTX. According to the financial report for the third quarter, $ 47.5 million out of the total amount “is in the process of withdrawal”.

Earlier, CEO Coinbase Brian Armstrong eliminated the influence of the FTX crisis on the Bitcoin-Biru led by him and expressed sympathy for everyone who was involved in the situation.

Recall, on November 6, CEO Binance Chanpen Zhao announced the company’s desire to get rid of ftt. Assets together with Busd in a total of ~ $ 2.1 billion steel by the company output from portfolio investment in FTX.

Against the backdrop of rumors about the confrontation between the two platforms, as well as fears regarding the financial stability of FTX UTILITY, the Token fell by about 30%.

On November 8, Bankman-Fried and Zhao announced strategic partnership. It is designed to resolve the liquidity crisis and involves the possible absorption of the FTX exchange of Binance.

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