FTX Affected Companies

A summary of companies affected by FTX:

Binance

FTX rival and leading cryptocurrency exchange Binance revealed that they previously held $580 million of FTT, FTX’s native token. Changpeng CEO “CZ” Zhao said on November 14

(1) CZ 🔶 Binance di Twitter: “Full disclosure: Binance never shorted FTT. We still have a bag of as we stopped selling FTT after SBF called me. Very expensive call.” / Twitter

that Binance had sold a “small portion” of the position and had terminated the sale, meaning Binance still has potentially significant exposure to FTX. Binance became a major player in the collapse of the FTX exchange by making a statement that they would sell some FTX

https://twitter.com/cz_binance/status/1589283421704290306?s=20&t=bXJ2Z0nCwctx3SimJkrcg

and then making sentiment about acquiring FTX but this was cancelled.

https://twitter.com/cz_binance/status/1590016831019810817?s=20&t=bXJ2Z0nCwctx3SimJkrrcg

BlockFi

Lending&Borrow Cryptocurrency BlockFi is on the way to bankruptcy as a result of the FTX impact. FTX bailed out BlockFi in July 2022, giving BlockFi a $400 million revolving credit facility and options to buy lenders for up to $240 million. BlockFi halted withdrawals from its platform due to uncertainty about FTX earlier in the month.

BlockFi di Twitter: “https://t.co/zNF1uP6evl" / Twitter

Genesis Trading

Genesis Trading said on November 10 that it has about $175 million of funds locked up in FTX. Still, Genesis had no material exposure to FTT. Genesis is delaying certain withdrawals through its platform in response to the FTX crisis.

Genesis di Twitter: “As part of our goal in providing transparency around this week’s market events, the Genesis derivatives business currently has ~$175M in locked funds in our FTX trading account. This does not impact our market-making activities.” / Twitter

Galois Capital

Hedge fund Galois Capital is a non-crypto company with significant FTX exposure. Co-founder Kevin Zhou announced in early November that the fund has about half of its capital “stuck” in FTX, totaling around $100 million. Zhou estimates it will take “several years” to recover an unspecified percentage of the assets.

Digital Galaxy

Galaxy Digital is a cryptocurrency financial services company with nearly $77 million in FTX exposure as of early November. More than $47 million of the fund is in the “drawing process,” though it’s unclear where they were as of mid-November.

Mike Novogratz di Twitter: “This FTX saga is a lot worse for the infrastructure of crypto, says Mike Novogratz https://t.co/l3wW0IuxIs" / Twitter

VoyagerDigital

The future of Voyager Digital is heavily impacted by what happens to FTX for many reasons. The crypto lender that went bankrupt had about $3 million in balance on FTX when the latter filed for bankruptcy. FTX successfully bid $1.4 billion for Voyager assets in September this year. With the collapse of FTX, Voyager is left to find another bidder. Voyager’s lawyers said that FTX breached its contract to buy Voyager out of bankruptcy.

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