Companies that lost millions of dollars because of FTX

Among FTX's one million creditors are major global crypto companies, including the world's largest crypto exchange Binance.


Changpeng Zhao ( CZ ), CEO of Binance, is seen as an important factor causing the collapse of FTX. 2, CoinDesk made public the balance sheet of Alameda Research, a crypto hedge fund owned by FTX founder Sam Bankman-Fried (SBF). Right after that, CZ announced the sale of all FTT tokens of the FTX exchange that he holds. This triggered a large withdrawal, exposing the secret that SBF had long been hiding: FTX lost its liquidity because it took customers' money to transfer it to Alameda.

Screenshot of the FTX and Binance logos on November 8. Photo: Reuters

According to experts, basically CZ and Binance "escape" in time before the collapse of FTX. However, this floor is still subject to many great impacts. On November 14, on Ask me anything on Twitter , CZ said Binance saw a slight increase in withdrawals after the FTX crash but said this is a normal reaction during a bear market period. number. He also denied intentionally causing “chaos” in the cryptocurrency market. Previously, CZ was suspected of trying to eliminate FTX - a direct competitor of Binance - by selling FTT and constantly posting unfavorable tweets for this exchange.

Binance was also hit after the FTX crash. On the evening of November 13, AXS - the governance token of the Vietnamese blockchain game Axie Infinity - tripled in price, but was quickly "discharged" causing the price to drop from nearly 20 USD to 7 USD per coin. When all the doubts poured into the fact that AXS could be "pumped out", a Binance account said it was hacked. The hacker used this person's account worth nearly 1.5 million USD to make transactions, causing the price to increase and decrease unexpectedly. On the morning of November 14, CZ admitted that the system was hacked, but the cause came from a third-party API, Skyrex and 3commas. He recommends that users delete these APIs. In addition to AXS, the issue also affects other tokens such as TVK, CVX, and ACM.


On November 10, BlockFi - one of the world's largest cryptocurrency lenders - announced to stop letting users withdraw money after the FTX crisis. The airline also asks customers not to deposit into their wallets or interest accounts.

Valued at $3 billion in March of last year, BlockFi was hit hard as the cryptocurrency market continued to receive bad news. BlockFi also faced scrutiny from financial authorities over its interest rates and had to pay a $100 million fine to the US Securities and Exchange Commission (SEC). In July, during SBF's "market rescue" campaign, US FTX agreed to provide BlockFi with a $400 million line of credit.

Celsius Network

On November 11, Celsius Network - a cryptocurrency lending company that went bankrupt in the middle of the year - said that there are 3.5 million Serum tokens (SRM) worth about a million USD and another 13 million USD are associated with Alameda. Research via FTX and FTT tokens.

The inability to withdraw funds aggravates Celsius Network's problem. After the Luna crash, Celsius could not cope with a severe cash shortage and filed for bankruptcy with a loss of $1.2 billion.

Total user assets are "stuck" close to 4.7 billion USD. After more than four months, Celsius customers still have not been able to get their deposits back. According to Forbes , the company currently has only $167 million in cash to support certain operations in bankruptcy.


On November 8, Coinbase said it was depositing about 15 million USD on the FTX exchange and all of them have not been withdrawn yet. They claim to only send money, do not buy FTT, do not work with Alameda and do not lend to FTX.

Coinbase is the second largest cryptocurrency exchange in the world according to Coinmarketcap . In April 2021, they became the first cryptocurrency company in the US to go public. The IPO also made founder Brian Armstrong a billionaire. As of the end of the third quarter of 2022, Coinbase had $5 billion in cash and an unspecified amount of money as collateral for customers.


On November 10, cryptocurrency management company CoinShares confirmed on Twitter that it has a $30.3 million investment in FTX. To date, the amount has not been withdrawn. CoinShares CEO Jean-Marie Mognetti affirmed that the company's "financial health remains strong" and that they still have a net worth of over $282 million.

On November 14, - a Singapore-based cryptocurrency exchange - admitted to sending one billion USD to FTX over the course of a year. However, most of this amount has been withdrawn. According to CEO Kris Marszalek, they only have "under 10 million USD" in losses and confirmed that they will publish the balance sheet in the near future.

Galaxy Digital Holdings

9/11 – a day after FTX froze withdrawals, crypto financial services company Galaxy Digital Holdings said it had invested more than $76.8 million in FTX. Of these, $47.5 million is "in the process of withdrawing", the rest has already been taken off the exchange. Galaxy Digital Holdings claims the company still has over a billion dollars in cash and $1.5 billion in liquidity.

Galois Capital

Hedge fund Galois Capital has half of its assets stuck on FTX. According to the FT , the amount is estimated at around $100 million. "I'm deeply sorry for the current situation," co-founder Kevin Zhou wrote in an email to investors. He said it could take several years to recover "some percentage" of the assets.

Genesis Trading

Cryptocurrency brokerage Genesis Trading on November 10 said it was stuck with an amount of about 175 million USD on the FTX exchange. They only deposit money into the platform, not buying FTT or any other tokens.

Silvergate Capital Corporation

On November 13, financial solutions and digital assets provider Silvergate Capital Corporation also announced that it had deposited money into FTX but could not withdraw it. The company representative did not detail the amount, but "less than 10% of the $11.9 billion invested in the entire digital platform as of September 30".

Voyager Digital

Cryptocurrency exchange Voyager Digital filed for bankruptcy in July with debts estimated at $10 billion. The company reached an agreement to buy back from FTX for $ 1.42 billion in September. However, on November 11, Voyager Digital announced the end of the agreement to sell itself to FTX after the exchange collapsed. The company has since reopened the bidding process and is "in active discussion with alternative bidders". Voyager Digital currently has about three million USD on FTX.

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