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Companies getting Affected by the Collapse of FTX

Famous Crypto enthusiast Lark Davis tweeted names of companies and coins which he thinks are directly affected by the collapse of FTX. According to him, FTX is a crypto contagion that affected the biggest Bitcoin OTC desk, Genesis, Blockfi, Voyager, and many others.

  • Recently Genesis halted its withdrawals for customers considering the FTX collapse. According to Genesis’s website, the segment, known as Genesis Global Capital, services institutional clients and has $2.8 billion in active loans as of the finish of the Q3 of 2022.
  • Celsius, Voyager is also deeply affected by FTX bankruptcy as they have over $17 million of funds invested in FTX and Alameda. They are in deep trouble and on the verge of bankruptcy.
  • Renowned crypto lender Salt lending also halted their withdrawal for customers because of the given situation. Although BnkToTheFuture was in talks to acquire Salt lending but certainly dropped its plan.
  • Famous asset management company Ikigai is also in trouble with the collapse of FTX. Their large majority of assets were invested with FTX. It is tough to say whether they will be able to continue or not.

FTX crash has also affected the virtual gaming sector. FTX lately has made huge investments in gaming ventures like GameStop, Good Luck Games, and many others. Gamestop recently announced that they are ending their partnership with FTX. FTX’s bankruptcy, directly and indirectly, has affected many small and big firms. And whether they will be able to recover from this is hard to say.