Crypto Market Maker GSR Claims “Manageable Exposure” To FTX
Crypto companies have spoken out about their exposure to the collapsing cryptocurrency exchange FTX. Additionally, GSR informed staff members today that the company has “manageable exposure” to FTX and no exposure to Alameda Research.
GSR CEO Jakob Palmstierna share his email to company staff:
He added that the company’s exposure to FTX is constrained to a single-digit portion of the company’s cash balance. According to Palmstierna, the company will cover all client losses on FTX but will no longer trade on Huobi.
Rival exchange Binance stated it would purchase FTX. The agreement with Binance, however, failed on Wednesday. Sam Bankman-Fried, the CEO of FTX, stated earlier today that the company would look to wind down Alameda. According to Reuters, SBF and Justin Sun are negotiating to raise money the following week.
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