BlocksInform
Cryptocurrency multicoin venture capital has written a letter to its investors about the continuation of the decline in the company before it could recoverThe FTX crisis is far from over; it has just begun as new developments are constantly coming to light on a daily basis.
In the upcoming weeks, the company anticipates that the FTX pandemic will "wipe out" several trading firms, according to a report by CNBC.
"we expect to see outbreaks of ftx/alameda contagion in the coming weeks," read the letter.
"many trading companies will be destroyed and closed, putting pressure on liquidity and volume across the crypto ecosystem. Several announcements have already been made to that effect."
The company also stated that the funds have dropped by 55 percent this month due to the collapse of FTX and industry-wide price decreases.
'The company also said that funds fell by 55 per cent this month due to the collapse of ftx and price declines in the industry as a whole.
'The company also reported that funds fell 55 per cent this month as a result of the collapse of FTX and price declines across the industry.
Multicoin also indicated that the company is "attempting to purchase assets dislocated at attractive valuations", while other companies with FTX-related assets are seeking to raise emergency liquidity. 'ftx is not going to be the end' the company traded on ftx, coinbase, and binance, three trades.
Coinbase currently holds all of its assets, except for the "bonded capital on ftx," which is approximately 15.6 percent of its assets.
While there is potential for the company to recover some of its ftx money, in view of the fact that these assets are currently undergoing bankruptcy proceedings, he expects them to be expunged because they are worthless.
This is a flip-flop for Multicoin, a five-year business that unveiled a $430 million fund in July, the largest to date.
However, "ftx will not be the end of the crypto industry," said muticoin, giving a little hope to coin dealers.
New CEO lambasted previous SBF's management
Sam Bankman-Fried's (SBF) management stood lambasted by John Ray III, FTX's new CEO, on his first-day declaration.
"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information," read the statement by Ray III.
"Never in my career have I seen such a complete failure of business controls and such a complete lack of reliable financial information," read ray iii's statement.
The financial statements of ftx and its alameda sister company were 'unaudited and produced while the debtors [ftx] were controlled by Mr. bankman-fried,' said Ray in the complaint, adding that he "didn't trust" them to be genuine."
Enron's former recovery director said: The concentration of control in the hands of a very small group of inexperienced, unsophisticated, potentially compromised people."
The story doesn't end here
A shocking emergency court filing on Thursday stated that there is evidence suggesting that Bahamian regulators instructed CEO Sam Bankman-Fried to gain "unauthorized access" to FTX systems to obtain the company's digital assets after it had filed for bankruptcy protection.
"reverberating media requests for hundreds of millions of dollars in lost cryptocurrency, ray said that a "substantial portion" of the assets housed with ftx may be "missing or stolen."Reverberation of media claims that hundreds of millions of dollars of cryptocurrencies have been lost, Ray said a "substantial amount" of property housed with FTX can be "missing or stolen. Ftx filed the claims in a petition to the Delaware Bankruptcy Court.
In this movement, ftx asserted that the alleged conduct puts in "serious question" the offer of Bahamian regulators to be recognized as liquidators of bankruptcy.
