FTX’s Fallout Has Led To A Ripple Effect In The Crypto Industry: FalconX Insists They Have Seen Over 80% Of Growth
December 11, 2022
Hello Bubble Riders! Here is our weekly news update:
- FalconX insists their exposure to FTX was contained. Its monthly volume has grown by “80%+ month-over-month.”
- According to the company, its assets locked on FTX represent only 18% of its “unencumbered cash equivalents.” The company added that this ratio fell well within their counterparty exposure limits.
- Despite suffering losses in the FTX collapse, FalconX insisted that it had no exposure to Genesis, Alameda Research or BlockFi. BlockFi initially denied having a majority of its assets custodied on FTX, yet it filed for Chapter 11 bankruptcy on November 28, 2022.
During the FTX contagion, some cryptocurrency companies have downplayed their exposure to the failed exchange and others have lied to their investors or clients about just how much of an impact the collapse had on them. Only time will tell if FalconX is as clean and trustworthy as they claim to be.
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