- Recently, Jump Crypto shared a tweet in which it shared that its exposure to FTX was managed in accordance with its risk framework and that why it is now well capitalized.
1/ We, like all of you, were shocked by the events that unfolded over the past week. Jump's exposure to FTX was managed in accordance with our risk framework and we remain well capitalized.
— jump_crypto
After hearing the shocking news of FTX collapse, Jump Crypto stated that the current massive downtown in the crypto space does not loosen its faith in this space but it will continue its belief in the crypto world and will continue its working. While building the futures of others alongside.
As the price of cryptocurrencies are sliding, it increases the chance that the customers of Sam Bankman-Fried’s FTX may recover much of their deposits. As FTX Trading International held just $900 Million in liquid assets on November 10, 2022, –before filing for Chapter 11 bankruptcy — against $9 Billion of liabilities. This information is sourced from the people familiar with the matter.
Although, the data referenced a negative $8 Billion of a “hidden, poorly internally labeled” fiat currency account and noted $5 Billion of withdrawals by users in the previous week.
FTX Updates
Most recent updates on the FTX happening is added that the firm is now under investigation as the Royal Bahamas Police Force disclosed that an investigation of possible criminal misconduct over the insolvency of FTX.
And additionally, Kraken, a crypto exchange, tweeted on November 13, 2022, and gave the information that it has frozen the accounts related to FTX and Alameda Research.
Ben Armstrong, a Crypto YouTuber, also shared a tweet on November 14, 2022 and mentioned two facts that were not counted by FTX or Sam Bankman-Fried. Along with a link he pointed out two biggest mistakes of SBF in his tweet.
Some people from the crypto community think that the FTX was a ponzi scheme that in return funded the Democrat Party. Meanwhile, the blameless customers have likely lost Billions in their savings.
Jump Crypto
Jump Crypto is a global leader in the Web3 infrastructure development and investment. It works to unlock the full potential of open, community-driven networks with a long-term view of crypto’s prospects.
However, after the FTX collapse there was no remark available from Jump Crypto as it undoubtedly had huge exposure to the current contagion. But now Jump Crypto has made its official statement on its Twitter account that it still remains “well capitalized.”
If we look a few months back then it can be noted that in late September, FTX and Jump Crypto led $20 Million funding in Solana Development Framework Coral.
Source: https://www.thecoinrepublic.com/2022/11/14/find-here-why-jump-crypto-will-continue-its-belief-in-crypto/