FTX bankruptcy shockwave: A complete list of crypto institutions and their connections with FTX

The FTX bankruptcy drama has come to an end for now.

On the evening of November 11, 2022, Beijing time, FTX officially issued a statement saying that the FTX Group (including about 130 companies including FTX Exchange and Alameda) has begun voluntary procedures to file for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. FTX CEO Sam Bankman-Fried has resigned and John J. Ray has been appointed as the new CEO. The latest Bloomberg Billionaires Index on November 12 shows that FTX founder SBF is no longer ranked.

What awaits you next will be a lengthy bankruptcy judicial process.

However, as CZ, another protagonist of the FTX collapse drama, said, with the fall of FTX, we will see a chain reaction, especially those institutions or individuals close to FTX. We may see more crypto companies go bankrupt in the next few weeks.

Yes, as the world's second largest exchange, FTX has close trading relations with countless crypto institutions and project parties.

Its bankruptcy will also serve as a shocking warning to other centralized exchanges, that is, in a free market, centralized entities must implement a 100% reserve ratio, because non-100% reserves will inevitably be subject to runs by competitors.

This will inevitably have a profound impact on the encryption industry.

Which crypto institutions will be affected by FTX’s bankruptcy? Golden Finance summarizes the relationship between various crypto institutions and FTX.

Institutional investor losses

FTX has received investment from top venture capital firms in today's investment community in five rounds of financing, such as Sequoia Capital, Paradigm, Ontario Teachers' Pension Plan, Temasek, BlackRock, SoftBank, Tiger Global Management, etc.

Other investors include Ribbit Capital, Lightspeed Venture Partners, Circle, Millennium Management founder Izzy Englander, Insight Venture Management, NEA Management, Paradigm Medical Industries, Coinbase Ventures, Institutional Venture Partners, Lux Capital Group, hedge fund Third Point, Thoma Bravo, Alan Howard of Brevan Howard Asset Management, Paul Tudor Jones, Daniel LoebI, Israel Englander, etc.

The figure below shows the investors in FTX’s five rounds of investment summarized by TheBlock.

According to Forbes, when asked whether they were involved in the recent events related to FTX, most of the above-mentioned institutions either refused to be exposed or refused to comment on it .

Forbes estimated the losses of relevant shareholders based on the FTX shareholder table obtained in August:

Sequoia Capital: 1.1% of FTX shares, estimated investment amount: US$200 million; value at peak in January 2022: US$350 million.

Temasek: 1% of FTX; investment amount: $205 million; peak value in January 2022: $320 million

Paradigm: 1% of FTX; $215 million invested; Peak value in January 2022: $315 million

Ontario Teachers’ Pension Plan: 0.4% of FTX shares; investment amount: $80 million; value at peak in January 2022: $125 million.

In addition, according to Bloomberg, SoftBank invested nearly $100 million in FTX and expects to write off the value of its entire stake in the fourth quarter of this year .

The above is the situation of shareholders. In terms of customers, according to public data, FTX has more than 1 million users, which is far less than the number of Conbase users, but FTX is mainly institutional accounts, with an average customer fund size of more than 640,000 US dollars. We have summarized the frozen funds of crypto institutions in FTX.

Crypto institutions’ funds frozen at FTX

According to the FTX balance sheet revealed by Zane Tackett, the former head of institutional sales at FTX, FTX's total liabilities (user assets) are US$8.8 billion, FTX's liquid assets are US$900 million, sub-liquidity assets (most likely FTX tokens) are US$2.037 billion, and illiquid assets (locked tokens, equity, etc.) are US$3.2 billion.

Now that FTX has filed for bankruptcy, this means that all users, including crypto institutions, have assets frozen in FTX as high as $8.8 billion, and they will immediately face a funding gap in this area.

Note: The following fund freeze situations are mostly from official statements and may not be true. Remember the crypto industry creed: Don't trust, verify it!

BlockFi once provided more than $600 million in loans to FTX

CNBC crypto commentator Ran Neuner revealed on social media on the 11th that crypto lending company BlockFi had provided more than $600 million in loans to FTX and Alameda. SBF tried to repay in the past few days, but failed due to the fermentation of the run. As previously reported, BlockFi announced earlier on the 11th that it would suspend withdrawal services.

GaloisCapital: There is $100 million in the FTX account that cannot be withdrawn

On November 12, Kevin Zhou, co-founder of hedge fund Galois Capital, said in a letter to investors that nearly half of the company's assets were trapped on the FTX platform and could not be withdrawn. It is reported that Galois Capital manages more than $200 million in assets and is praised for discovering the Luna collapse crisis in advance.

Nexo: All assets have been withdrawn and the net exposure to FTX and Alameda is 0

Crypto lending platform Nexo tweeted that it had withdrawn funds from the exchange in the past few days and currently has a net exposure of 0 to FTX and Alameda. According to a tweet from Nansen CEO Alex Svanevik, on-chain data shows that Nexo is the project with the most withdrawals from FTX, withdrawing about $220 million in assets. Nexo said it had previously provided a loan to Alameda. It is worth mentioning that Nexo has successfully avoided almost all major risk events in the crypto industry this year , including the collapse of Terra, hedge fund Three Arrows Capital, and cryptocurrency lending service provider Celsius.

Genesis: Derivatives business locks about $175 million in funds in FTX

Genesis tweeted on the 11th: Genesis hedged and sold collateral after the FTX incident, resulting in a total loss of approximately $7 million (on all counterparties including Alameda). The derivatives business currently has approximately $175 million locked in FTX trading accounts, but this will not affect its market-making activities. Genesis reiterated that it has no significant risk exposure to FTT and no lending relationship with FTX. There is a trading relationship between the trading platforms, but the risk exposure "has no impact on our customer service capabilities."

Multicoin Capital: Sold all FTT at $17.79, but 10% of total assets are still locked on FTX

According to The Block, Multicoin Capital managing partners Kyle Samani and Tushar Jain sent a letter to the fund's LPs stating that Multicoin sold all FTT positions at an average price of $17.79 after CZ announced the acquisition of FTX, and 10% of total assets are still waiting to be withdrawn on FTX. The frozen assets include BTC, ETH and USD.

Galaxy Digital: Unable to recover approximately $77 million

Michael Novogratz, CEO of cryptocurrency financial services company Galaxy Digital, said that they could not recover the $77 million risk exposure associated with the troubled cryptocurrency exchange FTX. This is consistent with the approximately $77 million FTX exposure that Galaxy Digital disclosed in its Q3 earnings report.

Coinbase: $15 million worth of deposits on FTX do not hold FTT

On November 9, Coinbase officially stated that Coinbase has very little exposure to FTX, has a deposit worth $15 million on FTX, does not hold FTT, has no contact with Alameda Research, and has not provided loans to FTX. In addition, Coinbase said that this incident once again proves that strong and clear supervision is essential for the crypto industry. Coinbase reiterated that it has no liquidity or credit risk, and users can see in its publicly submitted audited financial statements that Coinbase holds customer assets at a 1:1 ratio and has $5.6 billion in total available assets, including $5 billion in cash and cash equivalents.

FatMan: Temporary Judicial Administrator Deposit $13 Million of Hodlnaut Creditors on FTX

Terra researcher FatMan said on social media on the 11th that after the crypto lending platform Hodlnaut deceived their customers by secretly putting all the funds into UST, the court-appointed judicial administrators stored the remaining funds in various places for creditors to keep, including $13 million in the FTX exchange and $100 million stored in cold storage.

Coinshare: Position in FTX reaches $31 million, exceeding one-tenth of the company's net assets

On November 10, digital asset investment and trading group CoinShares revealed its exposure to FTX, with a position of $31 million on the FTX exchange, accounting for 11% of its total net asset value, including approximately $25.9 million in USDC, 190 bitcoins, and 1,000 ethers. These assets come from its proprietary trading activities, and the company's ETP business is not affected by locked assets.

GameStop: Terminates cooperation with FTX.US and refunds customers

Video game retailer GameStop (GME) plans to end its relationship with FTX.US and its pilot gift card marketing collaboration. The two companies announced a partnership in September to promote interaction between the gaming and cryptocurrency communities and said that certain GameStop stores would sell FTX gift cards.

Mechanism Capital: The amount of funds on FTX is "not small" and is exploring legal options

Andrew Kang, co-founder of crypto risk agency Mechanism Capital, said that the amount of funds on FTX is "not small" and that legal avenues are being explored. Andrew Kang said that it is still trading, actively evaluating investment opportunities, and is able to support founders who work with us. According to two people familiar with the matter, Mechanism is a supporter of many well-known crypto startups (such as Nansen, 1inch and Arbitrum), and is one of the many investment companies that are currently unable to withdraw funds from FTX.

Matrixport: A total of 79 customers suffered losses in this FTX incident

On November 11, Matrixport stated in the official community that in response to the question raised by customers about whether the FTX crash affects the security of funds on the Matrixport platform, we make the following announcement: The only products affected by FTX's inability to withdraw money are the following: 1) BTC fixed income (including ordinary BTC fixed income products and Trend Zhiying products with BTC fixed income as the underlying) and 2) Victoria BTC Fund products. A total of 79 customers suffered losses in this incident. It should be emphasized that since the funds between Matrixport's various products are strictly isolated, the impact of a certain product will not spread to other products. Therefore, if the investment in the above two products is not involved, customers of other products will not be affected by the FTX crash at all, and no losses will be incurred. Please rest assured. For the above two types of affected 79 customers, after determining the situation and the amount of damage, Matrixport's sales and operations colleagues have contacted each affected customer one by one to directly communicate and synchronize the current situation and provide subsequent solutions. So far, all one-on-one communications have been completed. If you have not received any contact from us at present, it means that you have not suffered any losses on the Matrixport platform in this FTX incident.

Amber Group: Frozen assets are less than 10% of total trading capital

Amber Group tweeted that it has no exposure to Alameda or FTT, but has been an active participant in the FTX trading platform. Amber Group said: Although we have significantly reduced our risk exposure this week, there are still withdrawals that have not been processed. The frozen assets are less than 10% of Amber Group's total trading capital and will not "pose a threat to our business operations or liquidity."

BlackRock: Holds a “very small position” in FTX

According to sources, BlackRock’s funds and accounts hold a “very small position” in FTX. But so far, BlackRock has not publicly commented on how large its investment in FTX is, nor whether the FTX incident will change its investment approach to crypto-related companies.

Strix Leviathan: Some funds are frozen in FTX, but the amount is limited

Crypto hedge fund Strix Leviathan said on November 11 that the company "has some funds frozen in FTX", which is only a small part of its portfolio, and the amount of funds that cannot be withdrawn in FTX is limited. Sadie Raney, CEO of Strix Leviathan, said, "We have experienced many market crashes. We have used Voyager in the past. We have also used BlockFi. When there are some signs that they may be in this situation, I think you can act in advance and say that you have stopped related transactions. But this time, I don't think anyone foresaw it."

Wintermute: There are still assets on FTX that have not been processed but are within the risk tolerance range

Wintermute said on Twitter that the funds were transferred from FTX before the crisis broke out, and there are still assets on FTX that have not been processed, and pointed out that "while this is not ideal, the amount is within our risk tolerance and will not have a significant impact on our overall financial condition."

FalconX: No exposure to Alameda and less exposure to FTX

On November 10, Raghu Yarlagadda, co-founder and CEO of crypto financial services company FalconX, tweeted that as one of the largest players in the crypto market, FalconX will work with most major liquidity providers including Alameda and FTX, but has no risk exposure to Alameda and less risk exposure to FTX. In addition, Raghu also said that FalconX will continue to operate as usual and strengthen risk and infrastructure security monitoring.

Polychain Capital: The company has not invested in FTX or FTT and has no assets on FTX

On November 10, Olaf Carlson-Wee, founder of Polychain Capital, tweeted that Polychain Capital has not invested in FTX or FTT and has no assets on FTX.

BitMex: No FTX exposure

On November 10, BitMex’s head of business development and partnerships said that BitMex “is not affected by Alameda, FTX and FTT” and that the exchange has no risk exposure to FTX or Alameda and its assets are safe.

Kraken: No Alameda exposure but holds nearly 9,000 FTT

Cryptocurrency exchange Kraken said it had no exposure to Alameda Research but holds nearly 9,000 of its native token, FTT. Kraken does not list FTT tokens on the Kraken spot or futures markets and Kraken is not materially affected by the recent FTX news.

Liquid Meta: Net loss of approximately $4.3 million and does not hold any FTT tokens

Liquid Meta (LIQQF) uses FTX for multiple services, including tokens used in its liquidity mining operations. The company also uses FTX for overcollateralized loans used in Liquid Meta operations. As of November 9, Liquid Meta held approximately $7.5 million in cash, stablecoins, and other digital assets through FTX, of which the company directly held $3.2 million in borrowed stablecoins and assets, with a net loss of approximately $4.3 million. Liquid Meta does not hold any FTT tokens.

El Salvador: No BTC deposited at FTX

President Nayib revealed to CZ that he does not have any Bitcoin in FTX and has never had any business with them.

Voyager did not transfer assets to FTX after selling them

The Official Committee of Unsecured Creditors stated that Voyager did not transfer the assets to FTX after the sale.

Silvergate: does not hold any cryptocurrency assets, including FTT tokens, nor does it lend against them

BTIG analyst Mark Palmer said he had spoken with Silvergate's president Ben Reynolds, who told him that Silvergate neither holds FTT tokens nor makes loans against them, and that FTX's challenges have no direct impact on the company. In addition, Canaccord emphasized that Silvergate does not hold any cryptocurrency assets itself and should be able to avoid the additional risks posed by the FTX situation.

FTX US Derivatives: FTX almost completely separates most of its assets and stores them in BitGo Trust cold wallets

Zach Dexter, CEO of FTX US Derivatives (formerly LedgerX, renamed after being acquired by FTX US last year), shared a letter from LedgerX LLC to its customers on Twitter. The letter stated: "Customer assets held in custody by LedgerX LLC are safe, and customer assets denominated in US dollars are stored in LedgerX LLC's US bank account for customer funds, separate from proprietary/corporate cash. Cryptocurrency customer assets are stored in LedgerX LLC accounts at BitGo and BitGo Trust, with most of the assets stored in BitGo Trust's cold wallets. The platform will continue to be available on the LedgerX official website. In addition, in accordance with CFTC regulations, we hold considerable operating cash reserves that will allow us to operate for at least a year, but may be longer." In addition, the letter also clarified the relationship between the platform and FTX: "Our technology infrastructure is almost completely separated from the FTX family of companies, and will soon be completely separated. It is worth noting that West Realm Shires Inc., the ultimate parent company of LedgerX LLC, is different from the international family of companies headed by FTX Trading Ltd (aka FTX.com). "

GSR: The exposure to FTX is only a single-digit percentage of the company's cash balance and will bear customer losses

Jakob Palmstierna, CEO of crypto market maker GSR, said it has no exposure to Alameda and its exposure to FTX is limited to a single-digit percentage of the company's cash balance. The company will bear customer losses caused by the collapse of FTX and will no longer trade on the cryptocurrency exchange Huobi.

KuCoin: No exposure to FTX and FTT

On November 11, in response to rumors on social media that "KuCoin has a large amount of FTX risk exposure", KuCoin CEO Johnny Lyu replied on Twitter, "This is false. KuCoin has no risk exposure to FTX and FTT."

NFT whale Deepak.eth: Eight-digit exposure on FTX

On November 11, NFT whale Deepak.eth claimed on Twitter that because Chain Protocol, the project of which he is the CEO, has an eight-digit risk exposure on FTX and is currently experiencing liquidity problems, he decided to sell a large number of precious blue-chip NFTs to raise funds. Deepak.eth's Twitter account has listed all the NFTs for sale, indicating that it is considering selling them in packages of 8,000 ETH or at the highest price individually.

Crypto.com CEO: Less than $10 million of own funds deposited in FTX

Crypto.com CEO Kris tweeted that the equity deposited with FTX for customer trade execution is less than $10 million, which is negligible compared to its global revenue of more than $1 billion for two consecutive years. Crypto.com has never engaged in irresponsible lending (no risk of bad debt losses), has never operated a hedge fund (no risk of trading losses), and has always maintained a 1:1 reserve. We recognize the importance of transparency and will continue to work with regulators to strengthen and protect our industry to prevent a repeat of what happened today.

CZ: Binance has never used BNB as collateral and has never incurred debt

On November 9, CZ said on social media that two lessons can be learned from the FTX incident: 1. Do not use the tokens you created as collateral. 2. If you run a cryptocurrency business, do not borrow. Do not use capital efficiently. Ensure a large amount of reserves. In addition, Binance has never used BNB as collateral and has never incurred debt.

OKX CEO: OKX has no debt exposure to FTX, FTT or Alameda Research

OKX CEO (@star_okx) tweeted on November 9th, "OKX has no debt exposure to FTX, FTT or Alameda Research. We have always maintained a 1:1 reserve and never used customer deposits for other operations. Plan to publish our reserve proof in the next few weeks (less than 30 days). OKX is a technology company at its core, not a financial company. We do not use trading as a way to generate profits."

Cboe Digital: Customer assets are completely separated from exchange operating funds

On November 10, John Palmer, president of regulated crypto exchange and clearing house Cboe Digital, wrote a letter to customers outlining the company's asset protection policy. The letter stated that in order to protect member funds and assets, Cboe is obliged to deposit customer assets in a specially designated account at the bank and separate customer assets from the exchange's operating funds.

Australian cryptocurrency fund DigitalX decides to liquidate its FTT holdings

On November 9, the Australian Financial Review reported that DigitalX, a cryptocurrency fund listed on the DCC Exchange under the Australian Stock Exchange, has decided to liquidate its FTX (FTT) tokens and has sold about $1 million worth of FTT. Lisa Wade, head of DigitalX, said that the liquidated FTT accounts for about 2% of the fund's total cryptocurrency holdings.

Circle CEO: No significant exposure to FTX and Alameda

Circle CEO Jeremy tweeted: 1. Circle has no significant risk exposure to FTX and Alameda. For the past 18 months, FTX has been a customer of CirclePaymentAPI, providing card and ACH services for customer transfers. Circle's crypto payment beta product uses FTX and other exchanges to provide BTC/ETH liquidity. 2. Alameda has been a customer of Circle for many years, using Circle's USDC service to create and redeem USDC. They have exactly the same products and the same terms of use as all of Circle's institutional customers. 3. Circle has never loaned money to FTX or Alameda, never received FTT as collateral, and never held or traded FTT. In any case, Circle will not trade on its own. 4. Circle is a small shareholder of FTX, and FTX is a small shareholder of Circle. Circle is also a small shareholder of Kraken, Coinbase, and BinanceUS. 5. All USDC flows from Circle to FTX or Alameda respond to Circle's ToS and 1:1 USD settlement automatic system to mint USDC and redeem USDC. 6. There is also a lot of misinformation about the risks of Silvergate and USDC. Silvergate is one of more than 10 banks that Circle works with around the world. Circle holds a small portion of USDC cash reserves at Silvergate to support USDC settlement flows with customers. 7. 80% of USDC reserves are held in the form of US Treasury bills of $3 million or less and are kept by BNYM. The remaining cash reserves are held in completely separate accounts at 7-8 banks for the convenience of USDC holders.

Deribit: No FTX-related risk exposure

Crypto derivatives trading platform Deribit said it does not hold any high-risk positions in Alameda Research, a subsidiary of troubled cryptocurrency exchange FTX.

Cumberland: No contact with FTX

Cumberland, the crypto arm of Chicago trading giant DRW, said it has no contact with cryptocurrency exchange FTX and is not an investor in FTX.

B AYC Co-founder: Yuga Labs has never used FTX and does not have any funds

On November 11, Garga, co-founder of BAYC, said in a Discord that Yuga Labs has never used FTX.com and has no funds or assets on it. Although FTX is a small investor in Yuga Labs' seed round, it is clear that we received their checks a long time ago and this will not affect our operations.

Pantera Capital: Limited exposure to FTX, mainly through Blockfolio as a shareholder

Despite its broad portfolio, crypto investment firm Pantera Capital has limited exposure to crypto exchange FTX, according to a letter from Pantera Capital partner Paul Veradittakit. On Pantera’s side, we have modest exposure to the FTX platform, with exposure to FTX primarily as a shareholder through the acquisition of our portfolio company Blockfolio.

SkyBridge: Repurchasing SkyBridge shares from FTX

Anthony, founder of the hedge fund SkyBridge, said that he is buying back SkyBridge's equity from FTX and will have to reduce his cryptocurrency position. The company does not need to be rescued at present. This week is the worst week in the history of cryptocurrency, but he still believes in encryption technology. SkyBridge is currently well-funded. We will invest funds in cryptocurrency through FTX instead of investing in a specific company.

Funding situation of the project in FTX

Star Atlas: There is a significant cash risk at FTX, and the project's cash will be reduced by half

On November 12, Michael Wagner, founder of Solana's GameFi project Star Atlas, said that the project had "significant cash risk" in FTX's deposits, and that the project's cash would be reduced by half after FTX collapsed. "I believe this liquid cash position is held by a reliable and trustworthy institution. I placed my confidence and trust in someone I considered to be a pillar of the industry... Obviously, that trust has been betrayed."

FTX and TRON reach an agreement: allowing users to exchange TRX, BTT, JST, SUN and HT 1:1 to external wallets

In the early morning of November 11, FTX issued an announcement, announcing that it had reached an agreement with TRON to establish a special quota to allow users to exchange TRX, BTT, JST, SUN and HT assets 1:1 to external wallets. This function will be officially enabled at 18:30 (UTC) on November 10, 2022. FTX will determine the weekly exchangeable quota of the platform based on user withdrawal needs and the funds that TRON can provide. The injection time in the future will occur at 14:00 (UTC). Huobi Global also issued an announcement, stating that it will cooperate with industry institutions such as Tron Dao and FTX to provide the best custody and trading services for TRON tokens and HT held by FTX users in accordance with the principle of assisting customers in asset migration and trying to stabilize the industry order to the greatest extent.

LayerZero: Repurchased all equity from FTX and currently holds assets worth $134 million

Cross-chain interoperability protocol LayerZero tweeted that it has repurchased 100% of its equity from FTX/FTX Ventures/Alameda Research, and the assets currently held by the foundation are worth $134 million. Previously, LayerZeroLabs announced that it had completed a $135 million financing at a valuation of $1 billion, led by FTX Ventures, Sequoia Capital and a16z.

Lending protocol Solend has accumulated $6 million in bad debts after the sharp drop in SOL prices, which will be repaid by the Solend DAO treasury

Solend, a lending protocol on Solana, has accumulated $6 million in bad debts after the price of Solana (SOL) fell sharply. Solend said that liquidation will continue slowly and the Solend DAO Treasury will repay the bad debts. Data from Solana FM shows that the total asset value of the treasury address is about $33 million.

Solana Labs co-founder: The company does not have any assets on FTX

Solana Labs co-founder Toly said: “The US company Solana Labs does not have any assets on FTX, so we still have a long cash life cycle (runway), and fortunately it is still a small team.”

LayerZero: Willing to exchange 2.8 million STG in FTX for veSTG with a 6-month lock-up period at a 1:1 ratio

Bryan Pellegrino, co-founder and CEO of cross-chain interoperability protocol LayerZero, tweeted that he is willing to learn from the cooperation between Tron and FTX. If FTX is willing to cooperate with us, we will help replace the 2.8 million STGs currently held in FTX and replace the 2.8 million STGs with veSTGs with a 6-month lock-up period in a 1:1 manner. We hope that DAO and the foundation will support this.

NEAR Foundation: Very little exposure to FTX and Alameda, no funds held on FTX

On November 10, the NEAR Foundation issued an announcement on Twitter, saying that it has minimal exposure to current market developments related to FTX and Alameda, and does not hold any funds on FTX. At the same time, the NEAR Foundation stated that it raised more than $500 million in the first quarter of 2022, most of which is held in AAA banks in the form of fiat currency.

Band Protocol: FTX has been removed from the data feed

On November 10, Band Protocol tweeted that since the situation began to develop, Band Protocol has removed FTX from the data source. We will continue to monitor the situation closely and ensure that there are sufficient sources to aggregate and report price data.

Avalanche: No significant amounts are held on FTX, less than 0.02% of treasury assets are listed on FTX

Avalanche tweeted that Avalanche has no significant exposure to FTX or Alameda, the Avalanche Foundation does not hold any large amounts in FTX custody, and less than 0.02% of the Treasury's assets (including some illiquid tokens) are listed on the exchange. In addition, Avalanche has never sold tokens to companies as private token sales. Avalanche said that the foundation does not use assets for speculation, nor does it take risks for short-term gains, and will never engage in the kind of "financial engineering" seen on the balance sheets of FTX and Alameda. Sympathize with all those who have been adversely affected by the current situation, and hope that everyone can recover their assets.

Aptos: FTX does not hold Aptos Labs or Aptos Foundation funds, the network is operating normally

Aptos officially announced on November 10 that FTX does not hold funds from Aptos Labs or Aptos Foundation. The Aptos network will continue to operate as expected and will not be affected by these events. Aptos announced on July 25 this year that it had completed a $150 million financing round led by FTX Ventures and Jump Crypto.

Clearpool: No direct contact with FTX and Alameda

Decentralized lending market Clearpool announced its recent operations on Twitter. Clearpool stated that it had no direct contact with FTX and Alameda, and the treasury and operating funds were stored in the Hex Trust cold wallet. Users who provided borrowing funds to Clearpool have withdrawn nearly $91 million in liquidity since Monday, while borrowers including Amber, Nibbio and LedgerPrime have repaid their loans, and BlockTower and Jane Street have agreed to close their licensed pools. The loan to the Alameda licensed pool remains outstanding, and the institutions that provided funding for the pool are Compound Capital and Apollo Capital. Clearpool said the team remains focused on the next stage of its ecological growth, including the development of a series of new products such as licensed pools v2, term pools and diversified pools. http://jinse.com/lives/324173.html

FTX crash has profound impact: moving towards 100% reserve ratio

Another positive impact of FTX’s collapse is that it has greatly promoted the transparency of centralized exchanges’ assets, that is, 100% reserves. Because in a free market, non-100% reserves will inevitably be squeezed by competitors.

Therefore, after the FTX crash, various exchanges have published or announced that they will publish their own reserve proofs.

Tether releases quarterly reserve report: comprehensive assets exceed comprehensive liabilities

On November 11, Tether announced the latest quarterly attestation opinion completed by the independent public accounting firm BDO. As of September 30, 2022, Tether's total consolidated assets were at least US$68,061,618,458, and its total consolidated liabilities were US$67,811,510,720 (of which US$67,805,112,981 were related to the issued digital tokens). Its consolidated assets exceeded its consolidated liabilities.

B inance publishes asset address and releases Merkle tree reserve proof in the next few weeks

On November 10, Binance officially announced that as part of Binance's continued commitment to industry transparency, it will share detailed information on its hot wallet addresses and cold wallet addresses. At the same time, the Merkle tree reserve proof will be released in the next few weeks. As of 8:00 am on November 10, 2022, the snapshot results of the BTC, ETH, BSC, BNB and TRX networks show that Binance currently has a total of 475,000 BTC, 4 million ETH, 17.6 billion USDT, 21.7 billion BUSD, 601 million USDC, and 58 million BNB.

BitMEX releases proof of Bitcoin reserves, current reserve quantity is 75,742.4

BitMEX said on the 9th that BitMEX has always maintained 100% reserves. On the 11th, a snapshot of Bitcoin reserves and proof of liabilities was released. The snapshot time was November 8, the number of Bitcoin reserves was 75,742.4, and the user liabilities were 75,617.1. BitMEX also released a downloadable list containing Bitcoin addresses and the Bitcoin balance held by each address at the time of the snapshot. The list also contains the execution scripts of each UTXO hosted. These execution scripts include the BitMEX public key to prove that it can access all funds.

Crypto.com : Publishes Multiple Cold Wallet Addresses of About $3 Billion in Reserves

On November 11, Crypto.com CEO Kris Marszalek published on social media the multiple cold wallet addresses of the platform's approximately $3 billion reserves, including approximately 53,024 BTC, 391,564 ETH and other assets. Crypto.com CEO Kris Marszalek tweeted that Crypto.com will release our audited reserve certificate.

OKX: We plan to release our POF in the coming weeks (within 30 days) . This is an important step in establishing baseline trust in the industry.

Kraken: Kraken is audited regularly and users can verify it at any time

On November 9, Kraken tweeted that Kraken conducts regular audits and users can verify at any time whether the balance held in Kraken is backed by real assets, and attached the verification method.

Huobi: Huobi just did an audit about a month ago and will do it again.

Gate: Gate.io’s official blog released a reserve certificate on November 7, indicating that user asset reserves exceeded 100%. Gate.io CEO Han Lin posted on social media on November 9 that Gate.io will make our technical solutions and open source code available to the entire industry free of charge, and provide technical advice to peers who are preparing to launch 100% margin.

Deribit: Announces assets such as BTC, ETH, and SOL and will release Merkle Tree reserve proof

On November 12, cryptocurrency derivatives exchange Deribit disclosed its holdings of various assets and will issue Merkle Tree reserve certificates for its reserve assets. According to Deribit's wallet snapshot at 00:00 on November 12, its wallet holds 50,600 Bitcoins, 516,200 Ethereums, and 476,000 SOLs. Third-party custodial assets include 6,500 Bitcoins, 84,800 Ethereums, and 152,000 SOLs.

Bybit: Plans to Release Proof of Reserves

On November 9, Bybit co-founder Ben Zhou tweeted that Bybit is committed to ensuring the safety of customer funds and will ensure a 1:1 reserve. We are not a bank, we only take custody of customer funds. Currently, Bybit is studying the Merkle Tree reserve proof solution.

Kucoin discloses part of its reserve address: 20,504 BTC, 180,299 ETH and over 1 billion USDT

On November 11, Kucoin CEO Johnny disclosed some of the exchange's cold and hot wallet addresses on his personal Twitter, which contained a total of 20,504 BTC, 180,299 ETH, 1075,909,241 USDT, 365,722,839 USDC, and 69,601,075 KCS. In addition, Kucoin has also invested 29,696 ETH in ETH 2.0 staking, but because there are too many addresses involved (32 ETH per node), the specific addresses have not been made public. Johnny said that in addition to the above five assets, more reserve information will be released in the future.

Indian Crypto Exchange Giottus Says It Will Provide Proof of Reserves

Giottus, one of the top ten cryptocurrency exchanges in India, said it would provide proof of reserves to its customers. The rest of the Indian trading platforms, most notably CoinDCX, CoinSwitch Kuber and WazirX, declined to comment, while ZebPay, BitBNS and BuyUCoin did not respond.

Multichain: BTC, ETH and other five assets on the cross-chain bridge are supported by more than 100% of the underlying assets

On November 11, the cross-chain bridge Multichain officially announced that in order to improve transparency, the supply and reserve status of the five major assets on the bridge have been made public. BTC, ETH, USDT, USDC, DAI, etc. all have more than 100% protection and support from the underlying assets.