Which cryptocurrency companies have a significant exposure to FTX?

Another cryptocurrency company with significant exposure to FTX is Genesis Trading. The crypto broker said on Nov. 10 that it had about $175 million in locked funds on FTX. Still, Genesis had no material exposure to FTT. 1 Genesis delayed certain withdrawals through its platform in response to the FTX crisis.

Is FTX a 'Lehman Brothers moment' for crypto?

FTX, a crypto exchange, went from being worth $32 billion to filing for bankruptcy in what many are calling the “Lehman Brothers Moment” for crypto. Sam Bankman-Fried, the founder of FTX and Alameda Research, became a prominent figure in the crypto space while becoming one of the wealthiest people by the age of 30.

Where is FTX based?

FTX was incorporated in Antigua and Barbuda and had its headquarters in the Bahamas after moving from Hong Kong in September 2021. Its FTX Digital Markets Ltd. unit is regulated by the Securities Commission of the Bahamas. The exchange doesn't offer services to U.S. residents.

Is FTX the second largest creditor?

In the company’s bankruptcy filing, it lists FTX as its second-largest creditor at $275 million. In a bid to reassure investors, some exchanges have committed to publishing proof of reserves to show users that they aren’t using their money to fund risky bets.