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

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.

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.

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Harold

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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.

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News

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.

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

Yesterday was a record day of trading volumes for all of the wrong reasons. While we had virtually no exposure to FTX and our operational controls enabled us to provide deep liquidity to a market in search of it, the exchange consolidation we saw was unfathomable 60 hours ago.

— Cumberland (@CumberlandSays) November 9, 2022

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.

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

Harold

CoinCu News

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