crypto dominoes – The cryptosphere has been in all its states for a few days now. FTX, the crypto empire fallenformer number 2 trading platform, is facing liquidity problems which have gradually led to the value of its token, the FTT, to fall. And, the first potential victims of this dizzying fall are beginning to make themselves heard. This is the case of Galaxy Digital, crypto investment giant, BTC juggernaut which announces an exposure of tens of millions of dollars.
Galaxy Digital: millions invested in FTX
Galaxy Digital, a crypto investment company, therefore published in its third quarter 2022 balance sheet, an update regarding its exposure to FTX. The press release then explains that the company has an exposure of $76.8 million whose $47.5 million would be pending removal.
” On November 8, 2022, FTX.com (“FTX”), a digital asset exchange on which the Partnership holds cash and digital assets, announced that it had entered into a non-binding agreement with Binance Holdings Ltd. to provide liquidity. As of the date of this filing, the Partnership has approximately $76.8 million in cash and digital assets exposure to FTX, of which $47.5 million is currently being withdrawn. »
Moreover, already scratched by a harsh crypto winter, the company also deplores a net loss of $68.1 million for the third quarter of 2022. It earned last year at the same period $517.9 million.
This polar storm caused by FTX, in the middle of the glacial winter, is also reminiscent of the events of the Terra, Three Arrows Capital or Celsius blockchain. The falls of these ecosystems having caused many collateral damage and bumped into many crypto company wallets.
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