FTX Bankruptcy Freezes Millions in Crypto Firm Funds
Galois Capital, New Huo Technology, and Nestcoin are just a few of the crypto firms whose funds are locked on FTX because trading undertakes declarations of financial catastrophe inside the United States.
The FTX cryptocurrency trading collapse continues to impact the entire crypto industry with a few crypto-targeted companies reporting significant amounts of their capital being taken from FTX.
Between November 11 and November 14, three crypto companies announced big losses, with one having to lay off staff to deal with the disaster.
On Nov. 11, crypto hedge fund Galois Capital had "big money" locked up on FTX, with a Nov. 12 Financial Times "noopener nofollow">report indicating that a Galois ownership of a probable value of $50 million had been affected by the change.
Other crypto-targeted organizations have reported that their budget is blocked at the now-bankrupt exchange.
New Huo Technology, owner of Hong Kong-based all-crypto platform Hbit Limited on November 14 that it failed to withdraw $18.1 million worth of cryptocurrency before FTX halted processing of withdrawals.
$13.2 million of this loss is digital assets held with the help of Hbit users. not [be] able to be removed from FTX."
According to the statement, Li Lin, the organization's majority shareholder and founder of crypto trade Huobi has agreed to mortgage up to $14 million to the company to apply for processing withdrawals. However, the agency does not yet know what the monetary impact of FTX's financial disaster might be if it is unable to withdraw the price band in any way.
Nigerian Web3 startup Nestcoin has also announced that it is not withdrawing funds from FTX with the organization's CEO, Yele Bademosi, posting a letter previously shared with traders on Twitter on November 14.
The letter clarified that Nestcoin would be laying off workers “because we held our assets (cash and stablecoins) at FTX to manage our operational costs” and it no longer has the funds to pay some staff.
An update shared with our traders in advance these days on the FTX incident and its effect on .
— YB (25.25) ⏳ (@YeleBademosi)
Previously, crypto data aggregation platform CoinGecko warned on November 13 that in the coming months the "full effect" of FTX's unexpected disintegration takes effect.
Related:
On November 11, FTX declared one hundred and thirty agencies in its FTX group, such as its US entity FTX.US and sister trading company Alameda Research, a financial disaster in the United States. After FTX suffered a liquidity crunch and was no longer able to process user withdrawals, leaving its clients without access to their budget held on the exchange.
Its Bahamas-based subsidiary, FTX Digital Markets through the nearby securities regulator on Nov. 1, 10 and to protect its funds while bankruptcy cases are pursued.
Galois Capital, New Huo Technology, and Nestcoin are just a few of the crypto firms whose funds are locked on FTX because trading undertakes declarations of financial catastrophe inside the United States.
The FTX cryptocurrency trading collapse continues to impact the entire crypto industry with a few crypto-targeted companies reporting significant amounts of their capital being taken from FTX.
Between November 11 and November 14, three crypto companies announced big losses, with one having to lay off staff to deal with the disaster.
On Nov. 11, crypto hedge fund Galois Capital had "big money" locked up on FTX, with a Nov. 12 Financial Times "noopener nofollow">report indicating that a Galois ownership of a probable value of $50 million had been affected by the change.
Other crypto-targeted organizations have reported that their budget is blocked at the now-bankrupt exchange.
New Huo Technology, owner of Hong Kong-based all-crypto platform Hbit Limited on November 14 that it failed to withdraw $18.1 million worth of cryptocurrency before FTX halted processing of withdrawals.
$13.2 million of this loss is digital assets held with the help of Hbit users. not [be] able to be removed from FTX."
According to the statement, Li Lin, the organization's majority shareholder and founder of crypto trade Huobi has agreed to mortgage up to $14 million to the company to apply for processing withdrawals. However, the agency does not yet know what the monetary impact of FTX's financial disaster might be if it is unable to withdraw the price band in any way.
Nigerian Web3 startup Nestcoin has also announced that it is not withdrawing funds from FTX with the organization's CEO, Yele Bademosi, posting a letter previously shared with traders on Twitter on November 14.
The letter clarified that Nestcoin would be laying off workers “because we held our assets (cash and stablecoins) at FTX to manage our operational costs” and it no longer has the funds to pay some staff.
An update shared with our traders in advance these days on the FTX incident and its effect on .
— YB (25.25) ⏳ (@YeleBademosi)
Previously, crypto data aggregation platform CoinGecko warned on November 13 that in the coming months the "full effect" of FTX's unexpected disintegration takes effect.
On November 11, FTX declared one hundred and thirty agencies in its FTX group, such as its US entity FTX.US and sister trading company Alameda Research, a financial disaster in the United States. After FTX suffered a liquidity crunch and was no longer able to process user withdrawals, leaving its clients without access to their budget held on the exchange.
Its Bahamas-based subsidiary, FTX Digital Markets through the nearby securities regulator on Nov. 1, 10 and to protect its funds while bankruptcy cases are pursued.
Galois Capital, New Huo Technology, and Nestcoin are just a few of the crypto firms whose funds are locked on FTX because trading undertakes declarations of financial catastrophe inside the United States.
The FTX cryptocurrency trading collapse continues to impact the entire crypto industry with a few crypto-targeted companies reporting significant amounts of their capital being taken from FTX.
Between November 11 and November 14, three crypto companies announced big losses, with one having to lay off staff to deal with the disaster.
On Nov. 11, crypto hedge fund Galois Capital had "big money" locked up on FTX, with a Nov. 12 Financial Times "noopener nofollow">report indicating that a Galois ownership of a probable value of $50 million had been affected by the change.
Other crypto-targeted organizations have reported that their budget is blocked at the now-bankrupt exchange.
New Huo Technology, owner of Hong Kong-based all-crypto platform Hbit Limited on November 14 that it failed to withdraw $18.1 million worth of cryptocurrency before FTX halted processing of withdrawals.
$13.2 million of this loss is digital assets held with the help of Hbit users. not [be] able to be removed from FTX."
According to the statement, Li Lin, the organization's majority shareholder and founder of crypto trade Huobi has agreed to mortgage up to $14 million to the company to apply for processing withdrawals. However, the agency does not yet know what the monetary impact of FTX's financial disaster might be if it is unable to withdraw the price band in any way.
Nigerian Web3 startup Nestcoin has also announced that it is not withdrawing funds from FTX with the organization's CEO, Yele Bademosi, posting a letter previously shared with traders on Twitter on November 14.
The letter clarified that Nestcoin would be laying off workers “because we held our assets (cash and stablecoins) at FTX to manage our operational costs” and it no longer has the funds to pay some staff.
An update shared with our traders in advance these days on the FTX incident and its effect on .
— YB (25.25) ⏳ (@YeleBademosi)
Previously, crypto data aggregation platform CoinGecko warned on November 13 that in the coming months the "full effect" of FTX's unexpected disintegration takes effect.
On November 11, FTX declared one hundred and thirty agencies in its FTX group, such as its US entity FTX.US and sister trading company Alameda Research, a financial disaster in the United States. After FTX suffered a liquidity crunch and was no longer able to process user withdrawals, leaving its clients without access to their budget held on the exchange.
Its Bahamas-based subsidiary, FTX Digital Markets through the nearby securities regulator on Nov. 1, 10 and to protect its funds while bankruptcy cases are pursued.
What's Your Reaction?
