Which crypto companies have exposure to FTX?

With the fate of crypto exchange FTX hanging in the balance, many of crypto’s most notable companies have taken to social media to clarify whether they have exposure to the exchange, its native token FTT and sister trading firm Alameda Research.  

Here are some of the most prominent announcements The Block has tracked since Nov. 8.  

The exposed

Notable companies that have disclosed exposure to FTX or have funds stuck in the exchange.

Amber Group: Amber Group said it did not have any exposure to Alameda or FTX’s native token FTT, but that it does have less than 10% of its trading funds stuck on the FTX exchange. The situation does not threaten its operations or liquidity, it said in a Twitter update. 

Crypto.com: Crypto.com CEO Kris Marszalek tweeted that its direct exposure to FTX is “immaterial,” with less than $10 million of its capital deposited on the exchange to execute customer trades. 

Galaxy Digital: Galaxy Digital said in its third-quarter earnings report that it has a $76.8 million exposure to FTX. Of that, $47.5 million is “in the withdrawal process,” according to the company.

Kraken: Crypto exchange Kraken said it holds 9,000 FTT, but that it has no exposure to Alameda. “We have not listed the FTT token on our spot or futures exchanges and Kraken is not affected by the recent FTX news in any material way,” said the company in a statement.

Multicoin Capital: Crypto venture capital firm Multicoin Capital is significantly impacted by the FTX crisis, according to a letter obtained by The Block. About 10% of the assets under management in its Master Fund were still pending withdrawals on the exchange as of the morning of Nov. 9. These assets include bitcoin, ether and U.S. dollars.

Selini Capital: Selini Capital has about 3% of its assets directly on FTX that it hopes to get back, the company’s chief investment officer Jordi Alexander told The Block in an interview. However, he said “it’s not the end of the world,” and that the firm is more concerned about the long-term impact of the situation on the industry. 

Sequoia Capital: Venture capital firm Sequoia Capital sent a letter to limited partners saying it had exposure of $213.5 million related to FTX. However, it called its exposure to the exchange “limited.” Sequoia marked down its FTX investments to zero. 

Wintermute: Crypto market maker Wintermute said it has funds stuck on FTX, but did not disclose the amount. It said that while not ideal, the amount is “within our risk tolerances and does not have a significant impact on our overall financial position.”

Those with fewer problems

Companies that claim little to no exposure to FTX. 

Anchorage Digital: Institutional crypto platform Anchorage Digital does not have loans or “trading exposure” to FTX or its sister company Alameda Research, an Anchorage spokesperson told The Block. Anchorage confirmed that Alameda is an investor in the company. 

AlphaLab: Singapore-based technology trading firm AlphaLab Capital Group said it hadn’t taken any external loans and they’ve never had any exposure to Alameda or its lenders. AlphaLab transacts over $2 billion in crypto assets across over 40 exchanges, according to its website. 

Bitmex: Crypto exchange Bitmex said it did not have any exposure to FTX, Alameda or FTX’s native FTT token. 

Coinbase: Coinbase CEO Brian Armstrong tweeted on Nov. 8 that the exchange does not have any exposure to FTX or the FTT native token. 

Cumberland: Crypto trading firm Cumberland said it had “virtually no exposure to FTX” on Twitter. 

Deribit: Crypto derivatives exchange Deribit said on Twitter that it doesn’t have any special terms for large and risky positions with Alameda. “Furthermore, Deribit or group companies do not have assets with FTX or other exposure to e.g. FTT or SOL,” the company tweeted.

Genesis: Crypto trading and lending firm Genesis Trading said it had no material exposure to FTX’s native token or “any other tokens issued by centralized exchanges.” However, it did disclose about $7 million in losses across all counterparties — including Alameda Research — after hedging and selling collateral in anticipation of market volatility on Nov. 8. 

Solana Labs: U.S.-based Solana Labs did not have any assets on FTX.com, co-founder Anatoly Yakovenko tweeted. 

Nexo: Crypto lending platform Nexo tweeted on Nov. 8 that it has “$0 net exposure” to FTX and Alameda, and has withdrawn its entire balance from the exchange. It said it did have a “small loan” to Alameda equal to less than 0.5% of its assets, “fully collateralized by digital assets that were sold in full by our team two days ago.”

Tether: Tether CTO Paolo Ardoino tweeted that the stablecoin issuer has no exposure to FTX or Alameda. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.