OKX Doesn’t Seem To Fall Into FTX’s Quagmire

Cryptocurrency exchange OKX has stated on Twitter that it has no exposure to Genesis, Gemini or BlockFi. Previously, the company also confirmed that it did not have any contact with FTX or Alameda Research.

After the crash of FTX, crypto funds and companies were all affected due to their exposure to it. Highlighted in recent days have been the difficulties faced by companies with large exposure to Sam Bankman-Fried’s crypto firm Genesis, Gemini or BlockFi.

OKX has today confirmed that it has no contact with all 3 companies that are struggling. The company also affirmed that, in order to minimize counterparty risk, they do not cooperate with service providers through third parties on OKX Earn products. Therefore, all activities are still going on as usual.

As was updated in previous Coincu News articles, Genesis Trading shared that it has frozen $175 million on FTX thus halting new buybacks and lending. It was this that interrupted the withdrawal of their Earn product by Genesis as a lending partner.

Besides, BlockFi also “cannot operate normally” due to the influence of FTX causing the platform to stop depositing and withdrawing customers’ funds. More information is showing that the company may also have to file for Chapter 11 bankruptcy.

On November 15, according to official news, cryptocurrency exchange OKX announced that it will launch a plan to support a $100 million project ecosystem linked to the OKC public chain.

OKX also previously revealed that it had received offers from former FTX CEO Sam Bankman-Fried for an acquisition. However, this deal was rejected due to the risks it brought.

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.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

CoinCu News