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Cumberland Speaks Out That The Company Is Not Involved In FTX

Crypto trading firm Cumberland claimed it had almost no exposure to the defunct FTX market, which had been experiencing a liquidity problem.

Cumberland Speaks Out That The Company Is Not Involved In FTX 2

In this turbulent environment, Cumberland stated on Twitter that it is instead concentrating on providing for its counterparties.

FTX, the cryptocurrency exchange led by Sam Bankman-Fried, has come to an agreement to be acquired by Binance. This leads to a crisis in the crypto market at the moment. Binance CEO Changpeng Zhao has asked exchanges to come up with proof-of-reverse to strengthen user confidence.

Other companies such as Genesis, Crypto.com, and Tether have also stated that they are not exposed to FTX.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.