Nickel Digital Asset Management isn’t the only company feeling the effects of FTX’s collapse and bankruptcy. The NFT protocol, Metaplex, also laid off “several members of the Metaplex Studios team” due to the “indirect impact” of the collapse of the FTX crash. Metaplex Studios co-founder and CEO Stephen Hess shared in a thread on Twitter that:
“While our cash was not directly affected by the FTX collapse and our fundamentals remain strong, the indirect impact on the market is significant and requires us to take a more conservative approach going forward.”
(3/7) While our treasury wasn’t directly impacted by the collapse of FTX and our fundamentals remain strong, the indirect impact on the market is significant and requires that we take a more conservative approach moving forward.
— stephen.sol (@meta_hess) November 17, 2022
The Ontario Teachers’ Pension Plan has also had to swallow some losses. According to an announcement made by the Canada-based teachers’ pension fund, it invested $75 million in FTX International and its US entity (FTX.US). The Ontario organization shared that the investment “represented less than 0.05%” of its total net assets and was “equivalent to ownership of 0.4% and 0.5% of FTX International and FTX.US, respectively.” Although disappointed by its losses, the organization states that “the financial loss from this investment will have a limited impact on the plan, given its size in relation to our total net assets and our strong financial position.”
On Nov. 18, Cointelegraph reported that Genesis Block, one of Hong Kong’s leading cryptocurrency retail service providers, a completely separate entity from Genesis’s institutional service provider, will begin shutting down its online over-the-counter (OTC) trading portal from December 10.
The cryptocurrency investment company London-based Nickel Digital Asset Management also reported Nov. 18 that it has about $12 million of its funds stuck in FTX. According to its founder and chief investment officer, Michael Hall, the company has been unable to withdraw the funds, which reportedly represent 6% of its $200 million in assets under management.
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