thecoinrepublic.com
Recent months have been quite rough for crypto users as major projects got rugged or exploited or may be accidentally losing users’ funds. For crypto investors the whole year did not seem favorable for their investments and securities.
After the FTX Collapse, crypto funds witnessed huge inflows in the past 14 weeks as FTX filed for Chapter 11 bankruptcy. The net inflow is around $42 Million. While the major fundings raised up to $141.1 Million.
Crypto Funds Inflow
The investment products of Bitcoin added the largest inflows at $19 Million that is followed by multiasset and Ether funds which were at $8.6 Million and $5.9 Million, respectively. It can be seen that in the wake of exchange FTX’s Chapter 11 filing, major issues are rising for most of the biggest crypto funds.
The crypto fund recorded a 42% discount to the value of Bitcoin it holds. While the price of GBTC continues to plunge below the value of underlying coins. And futures ETF has tightly tracked Bitcoin’s decline.
What Are The Other Crypto Firms Doing?
- Binance, the largest crypto exchange, recently announced that it is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis.
To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2
— CZ 🔶 Binance (@cz_binance) November 14, 2022
- Crypto.com, a Singapore based cryptocurrency exchange, sends letters to its clients and assures them that their funds are safe.
- Huobi, the Seychelles base crypto exchange, disclosed the assets held in reserves helps to boost users’ confidence in it and improve transparency.
On Oct 8, Huobi's controlling shareholder company transferred all the shares of Huobi Global it holds to the fund of About Capital. New Huo Tech are independent entities. All ops of Huobi are normal, & we will continue to provide customers with safe & reliable services. https://t.co/JpzXvhHHtv
— Huobi (@HuobiGlobal) November 14, 2022
- Bitvo, Canadian crypto exchange, terminated its deal to be bought by FTX.
BITVO ANNOUNCES TERMINATION OF PENDING TRANSACTION WITH FTX CANADA INC. AND FTX TRADING LTD.
— Bitvo (@BitvoCrypto) November 15, 2022
Learn more from our recent press release. pic.twitter.com/4V1V8usNrM
- Liquid Global, a cryptocurrency trading platform, made an announcement that it is halting all withdrawals. The crypto exchange was bought by FTX earlier this year.
We have disabled deposits on Liquid Global until further notice.
— Liquid Global Official (@Liquid_Global) November 16, 2022
We will provide updates when available.
If you have initiated a deposit into your Liquid wallet and it is not reflected in your account balance please reach out to [email protected] for assistance.
- AAX crypto exchange, which was shut down on November 13, 2022, will reopen at the end of this week. Its reopening will depend on if it raises more capital.
Please take note of this latest announcement regarding withdrawal suspension on AAX. Keep supporting us, and the industry can win. https://t.co/yt2OMwzYOI
— AAX (@AAXExchange) November 15, 2022
- Ikigai, a crypto asset manager, recently said that it held “a large majority” of its assets on FTX, saying it “got very little out” before the collapse.
Unfortunately, I have some pretty bad news to share. Last week Ikigai was caught up in the FTX collapse. We had a large majority of the hedge fund’s total assets on FTX. By the time we went to withdraw Monday mrng, we got very little out. We’re now stuck alongside everyone else.
— Travis Kling (@Travis_Kling) November 14, 2022
- Galois Capital, a crypto hedge fund, also announced that it had “significant funds” stuck on FTX that were worth around $50 Million.
For the record, yes we did have significant funds stuck on FTX. No, we did not use any Bahamian method to move funds out.
— Galois Capital (@Galois_Capital) November 11, 2022
- New Huo Technology subsidiary Hbit, stated that it holds around $18.1 Million on the FTX.
- Nestcoin, African web3 startup, announced that it held funds from its investors and will also lay off employees after losing assets to FTX collapse.
Here's an update we shared with our investors on the FTX incident and its impact on Nestcoin. pic.twitter.com/CbuEIgjDzM
— Nestcoin 🤍 (@Nestcoin) November 14, 2022