coinculture.com
Following its downfall, FTX has been actively working to compensate its customers who suffered substantial losses amidst the crypto market turmoil in 2022. To gather funds for this purpose, FTX has initiated the sale of its cryptocurrency assets.
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Since August 2023, FTX has been endeavouring to address its debts by repaying customers in cash and relaunching its platform, now known as FTX.com, for its international clientele.
Reported by Bloomberg, FTX’s fundraising efforts have yielded $4.4 billion by December 2023, a significant increase from the initial $2.3 billion amassed in October. Coinpaprika further disclosed that the platform generated $1.8 billion through asset sales in December. Additionally, FTX has been actively involved in trading Bitcoin derivatives as part of its risk management strategy and to capitalise on its cryptocurrency holdings.
Commenting on FTX’s Bitcoin trading activities, Zerohedge highlighted the exchange’s substantial position as a futures shorter on Bitcoin, cautioning that a significant upward movement in Bitcoin’s price could exacerbate FTX’s financial challenges. FTX itself acknowledges the possibility of not being able to fully reimburse its customers, with potential for increased losses among FTX.com users.