QCP Capital Has At Least $97 Million Stuck On FTX: The Block

QCP Capital announced that they have about $97 million stuck on FTX, which makes it difficult for the company. They are trying to contact the buyers to make a transfer of ownership.

According to The Block, QCP Capital, a Singapore-based crypto exchange, has stuck at least $97 million on FTX after the crypto exchange filed for bankruptcy last month.

In an effort to recoup some cash, QCP is trying to sell claim rights to the frozen funds to struggling property buyers, two sources with knowledge of the matter told The Block.

Last month, QCP Capital said it had exposure to FTX but did not disclose the amount. The company at the time said it had active trading positions on FTX and was able to withdraw “a significant amount of assets” while leaving some assets stranded.

QCP is one of many companies that fell into a death spiral following the sudden collapse of FTX. The exchange alone owes its top 50 creditors $3.1 billion, according to court filings.

Before that, Multicoin Capital, Genesis Block HK, and Galois Capital were said to all have coins stuck on exchanges. The impact on Genesis Block HK was so great that the company closed its over-the-counter business last week after nearly 10 years of strong performance in the market.

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