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Celsius, Voyager Reveal FTX Exposure

Key Takeaways

  • Celsius stated today that it has $1.3 million locked with FTX and $13 countless loans to Alameda Research.
  • Voyager likewise stated that it has $3 million locked with FTX however remembered its loans from Alameda previously.
  • Voyager will likewise re-auction properties that FTX effectively bid upon throughout its own insolvency procedure.

Two of this summertime’s most significant insolvencies in the crypto market– Celsius and Voyager– have actually exposed direct exposure to FTX, which might drastically reorganize their insolvency procedures.

Celsius Has $1.3 M Locked, $13 M Loans

Celsius reported direct exposure to FTX today.

The business tweeted on November 11 that it has 3.5 million SRM ($ 1.3 million) secured FTX agreements. It likewise stated that it has $13 countless undercollateralized loans to Alameda Research, which are backed by the FTT token.

Celsius included that it has actually been “carefully keeping an eye on” occasions and stated that it stays in interaction with stakeholders. “Our work to take full advantage of stakeholder worth continues as our particular focus,” it composed in its declaration.

Ties in between the business run much deeper: FTX thought about acquiring Celsius after the business froze withdrawals in June however canceled that offer after seeing information of Celsius’ financing. Paradoxically, FTX suffered the exact same fate today as Binance reversed its own strategies to rescue FTX once it saw the degree of the exchange’s losses.

FTX likewise thought about bidding on Celsius’ properties, which increased for auction this fall. That auction has actually been postponed to December, and no winner has actually been revealed.

Voyager Has $3M Exposure

Voyager, on the other hand, revealed that its own personal bankruptcy had actually been impacted by current occasions. Voyager declared insolvency in July and auctioned $1.4 billion worth of properties in the following months.

FTX won that quote in September however did not finish the offer prior to its own collapse today. Voyager stated that FTX United States has actually sent just a “excellent faith” deposit of $5 million which FTX has actually not moved the auctioned possessions.

Voyager verified that the earlier possession purchase contract in between the 2 business “is no longer binding.” It will require to re-open the auction: the business stated it is “examining tactical choices as an outcome of the Chapter 11 filing by FTX Group” and is in conversation with alternative bidders.

Voyager likewise stated it remembered loans of 6,500 BTC ($110 million) and 50,00 0 ETH ($845 million) from Alameda Research, as initially revealed in September. Voyager stated it has “no loans exceptional with any debtor” at this time.

However, Voyager states it still has $3 countless crypto– primarily Terra (LUNA) and Serum (SRM) tokens– secured agreements at FTX. This suggests that Voyager still has some direct exposure to the stopped working business.

Industry Exposure Still Unclear

Other business, consisting of Circle, Tether, and Coinbase, have actually rejected direct exposure to FTX. Animoca Brands, Bitvo, and Silvergate have actually confessed very little direct exposure.

More considerably, Genesis Trading has stated that it has $175 million locked with FTX however that it would not affect its market-making activities. BlockFi, on the other hand, has suspended user activity and divulged a $400 million loan from FTX United States.

Disclosure: At the time of composing, the author of this piece owned BTC, ETH, and other digital properties.

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