According to sources, Singapore-based crypto trading firm QCP Capital has at least $97 million trapped in FTX. To recoup some of its cash, QCP is trying to sell its claims to distressed asset buyers.
QCP said last month it held FTX exposure, but did not disclose the size of the exposure. A spokesman for the company said at the time that it had sufficient equity to absorb the impairment on the position. Impairments do not affect customers or counterparties. Withdrawals remain open and trading continues as usual. The company's business remains profitable.
QCP Capital operates a crypto derivatives trading platform and also engages in proprietary trading and provides market making services. The company said it has processed nearly $38 billion worth of transactions so far this year. (The Block)