Internet speculations that the Jump Trading Group's Jump Crypto cryptocurrency subsidiary could shut down as a consequence of FTX losses have been refuted.
On November 17, the company tweeted that:
“Jump Crypto will not collapse. We believe that we are one of the crypto businesses that is both well-funded and highly liquid in the current market. Please take into consideration that I continue to engage in ”investing and trading.“ On November 12, the firm that deals in cryptocurrencies tweeted that it was surprised by the events surrounding FTX, but it informed its customers that ”exposure to FTX was managed according to our risk plan and we remain well financed.
The secure transactions remain extremely cautious in the wake of FTX's collapse and the consequences of this event, despite claims to the contrary made by Jump Crypto. Jump Crypto will truly tweet they're okay and not discontinuing, but 157 reply people and threadooooors will argue that they're lying (since SBF said the same thing), according to Knower, a market analyst.
Recent occurrences, like the demise of FTX and the subsequent events, appear to have reduced confidence in the crypto community. The former CEO of FTX, Sam “SBF” Bankman-Fried, denied that the “shitshow” that was FTX had any financial impact on FTX US prior to the firm declaring bankruptcy. Prior to FTX Group, including FTX US, filing for Chapter 11 bankruptcy protection, Bankman-Fried maintained the position that “any user may entirely withdraw (subject to petrol expenses, etc.)” from FTX US. However, it became instantly clear that this was not the case.
Following FTX's demise, BlockFi encountered a comparable situation and first rejected claims of financial problems.
Founder and COO Flori Marquez reportedly stated that the company was on the brink of declaring bankruptcy as a result of claims that the bulk of its properties were held on the dead FTX market some few days before promising clients that all BlockFi devices were “fully working.” Marquez had previously assured clients that all BlockFi gadgets were “fully operational” before making this declaration.
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