Sino Global Capital, a cryptocurrency investment fund, has confirmed its exposure to the FTX exchange, revealing losses in the seven digits. Furthermore, the fund stated that it will continue to invest in startups. Sino Global Capital Confirms "7-digit" Loss Regarding FTX Collapse 4

On November 15, the China-based investment fund published a letter on its Twitter page. The announcement of the company’s association with FTX stated that it was directly affected by the incident and was “7 digits,” but did not specify the exact amount of damage.

Sino Global expressed “deep regret for misplaced trust” in FTX, and the exchange is currently facing legal requirements regarding customer funds and the “fraudulent” relationship ties with the Alameda Research investment fund, which is said to have borrowed billions of dollars from FTX.

pic.twitter.com/SMkYQmDXRK

— Sino Global Capital (@SinoGlobalCap) November 15, 2022

Sino Global was an early investor in FTX, which reported around $300 million in assets under management in January 2022. Sino Global is known as a “big hand” investor for FTX-affiliated projects, specifically Solana and Serum, which are facing numerous challenges following FTX’s bankruptcy.

Sino stated that it invested in FTX equity shortly before the fund’s launch and has not invested in FTX since. To summarize, Sino reassured users that the market will recover, that this is a challenging period, and that the market will change with many new technologies, but that they still believe in blockchain technology.

Sino Global Capital Confirms "7-digit" Loss Regarding FTX Collapse 5

As a result, Sino Global is the next company to confirm the risk impact of FTX. Previously, a series of “linked” projects confirmed the damage, with Huobi typically stuck at 18 million USD on the FTX exchange, the Galois Capital fund admitting to being stuck up to 40 million USD on FTX, and so on. 

In addition, many parties have taken action to “eliminate” FTX, such as Visa recently terminating cooperation with FTX exchange, Binance removing all spot pairs for FTT, leaving only FTT/BUSD, and Kraken exchange closing. Accounts related to FTX and Alameda Research should be taped.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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