Nightmare FTX: $30 million blocked for CoinShares

shock waves – European crypto trading and investment group CoinShares has over $30 million worth of digital assets in FTX, while bad news continues to fall for the crypto exchange.

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Cautious CoinShares exposed to 11% in FTX

In a press release dated November 10, CoinShares revealed its exposure to FTX, for an amount of $30.3 million.

In the details were blocked in FTX:

  • 190 BTCa value of $3.1 million about ;
  • 1,000 ETHworth $1.2 million;
  • $25.9 million “in USD” and USD Coin;
  • $110,000 in other assets.

However, CoinShares has no exposure to Alameda Research. And despite these digital assets stuck in FTX, CoinShares Managing Director Jean Marie Mognetti tried to qualify this bad news, highlighting the “ cautious approach to risk » that the group implements.

Faced with “increased volatility and uncertainty”, CoinShares reportedly “significantly reduced” its exposure to FTX, before Sam Bankman-Fried’s crypto exchange suspended withdrawals.

As of September 30, the net asset value of CoinShares was £240.6 million. These 30.3 million dollars, or approximately 26.6 million pounds sterling, locked in FTX, thus represent just over 11% of the group’s net asset value at the end of September.

CoinShares already had Lost $22 Million Due to Terra Token Crash. This crypto winter will have revealed that many giants in the industry actually have feet of clay. And their collapse unfortunately does not spare other crypto companies, which are exposed to the risk of contagion.

In France, at least things are clear! Registration with the AMF, PSAN status, the CZ platform is in the nails. Run to register on BinanceTHE absolute benchmark for crypto exchanges (commercial link).

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