FTX Holds A 99% Stake In The Indonesian Encryption Exchange Bitocto

As reported by TechinAsiam, FTX owns 99% of Bitocto, an Indonesian cryptocurrency exchange, and Genesis Block, a Hong Kong encryption platform, owns the other 1%. Customer cash and assets are safe, according to the CEO of Bitocto’s market development, because the company’s system is not integrated with FTX.

Bitocto, an Indonesia-based peer-to-peer crypto marketplace, is one of a handful of regulated crypto exchanges controlled in large part by FTX, according to the embattled crypto firm’s bankruptcy trial presentation document.

For recovery purposes, the exchange categorizes Bitocto under the Dotcom silo, with the Japan branchh unit Liquid, Europe unit Digital Assets AG, and FTX US Derivatives (formerly LedgerX). Other enterprises are organized into the Ventures, Alameda, and WRS silos.

Separately, data from the Indonesian Ministry of Law and Human Rights revealed that this exchange owns 99% of Bitocto shares, with the remaining 1% controlled by Genesis Block, a Hong Kong-based crypto platform that is apparently halting operations as a result of the FTX collapse.

Bitocto is one of 25 certified crypto trading platforms regulated by Indonesia’s crypto regulator, the Commodity Futures Trading Regulatory Agency (Bappebti).

Tirta Karma Senjaya, the agency’s head of market development, told BeInCrypto that customer funds and assets at Bitocto are safe because the company’s system is not integrated with FTX.

On Tuesday, FTX’s first hearing revealed the latest developments in the crypto firm’s fallout, including its finances, where it was revealed that a “substantial amount” of customer assets is still missing.

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