FTX Fallout continues: Visa Dumps BlockFi FTX, Visa Dumps FTX and BlockFi Still Suspended. Crypto.com Skirts Bank Run
Several companies were affected by FTX’s ongoing fallout and are taking steps to address it.
Key TakeawaysVisa announced that it will end its partnership with FTX after the collapse of the exchange.
BlockFi stated that it will continue suspending withdrawals due its exposure to FTX.
Crypto.com saw a large number of withdrawals this weekend, mainly due to concerns about an erroneous transaction.
Share this article FTX first introduced its Visa-powered payment cards in January. BlockFi stated that it has enough liquidity to explore its options, and is working with outside counsel and financial advisors. The company said today that it will “continue to pause many of [its] platform activities.” The company said today that it will “continue to pause many of [its] platform activities.”Crypto.com Survives Bank RunFinally, Crypto.com faced a bank run this weekend.On Oct. 21, the exchange performed an erroneous transaction as it accidentally sent 320,000 ETH ($400 million) to a Gate.io wallet. Although the incident happened weeks ago, it was not widely reported on social media until recently. Crypto.com saw $53million in user withdrawals on Saturday, November 12th. This occurred in the 10.5 hour period following 7 p.m. EST. This may have prompted investor concern. Crypto.com insists that it is not exposed to FTX. Today, Kris Marszalek (the exchange’s CEO) stated that his company had recouped $990 million from FTX. According to reports, the exchange now has only $10 million exposure. FTX’s continued collapse is a constant focus in the news cycle. As time passes, other companies will likely reveal connections to the failed exchange. Decentral Media, Inc. does not provide investment advice. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice about an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.See full terms and conditions.Recommended News