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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.
- 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.
- Bitvo, Canadian crypto exchange, terminated its deal to be bought by FTX.
- 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.
- 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.
- 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.
- Galois Capital, a crypto hedge fund, also announced that it had “significant funds” stuck on FTX that were worth around $50 Million.
- 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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
