When the FTX platform crashed yesterday, it blocked cryptocurrency withdrawals from its users. Unfortunately, some companies were using FTX to store funds and generate interest. Let’s take a look at the impact of its collapse in the French crypto ecosystem.
FTX is taking the crypto ecosystem down with it
With the fall of the FTX exchange, is a domino effect in store?
Despite the non-binding agreement signed between the CEOs of FTX and Binance, users are still unable to get their funds back.
Millions of assets are still stuck on the platform, and although Changpeng Zhao wants to cover the cash shortages, there is no guarantee that these funds will be accessible again.
Unfortunately, the consequences of this crisis extend beyond FTX: all companies and institutions using solutions or storing their funds on this platform are impacted. This situation is reminiscent of the consequences of the collapse of the Terra ecosystem (LUNA) in May 2022.
In France, investors are trying to find out which companies registered as PSAN were exposed to Sam Bankman-Fried’s company or not.
As a reminder, PSAN is the acronym for “digital asset service providers”. Issued by the Autorité des marchés financiers (AMF), the PSAN allows companies to offer cryptocurrency-related services legally on French territory.
Let’s take a look at the information that has been released in the last 24 hours.
Companies rather spared
At the moment, whether on their official website or on their Twitter account, PSAN-registered companies have communicated little on the subject.
On Twitter, some companies are reassuring their customers that their assets have not been impacted by the fall of FTX. This is notably the case for Just Mining and Feel Mining: according to the two platforms, FTX is not used within their structures. Their clients therefore have nothing to fear.
SwissBorg published a thread on Twitter to reassure their clients:
2/5 In these turbulent times, it is important to remind everyone of our solid fundamentals and that we have 0 exposure to FTX At SwissBorg we opted for 2 separate licenses back in 2019 that allowed us to provide Exchange and Custody services to our users.
– SwissBorg (@swissborg) November 9, 2022
In these turbulent times, it is important to remind everyone of our strong fundamentals, and that we have 0 exposure to FTX. At SwissBorg, we have opted for 2 different licenses from 2019 allowing us to provide asset trading and custody services to our users. “
Like the two previous entities, SwissBorg ensures that funds deposited on its platform are not reused by its teams. In other words, its customers’ funds are not used to generate additional revenue without their consent.
Regarding Coinhouse, eToro, StackinSat and others, no communication has been made by their teams: did they have funds on FTX? If so, will their clients be impacted? We will know more in the coming days.
Despite these rather positive announcements, an aftertaste of distrust is felt by Internet users: while FTX collapsed after Sam Bankman-Fried’s lies, some believe that no trust can be placed in centralised structures.
In fact, since the collapse of Celsius Network last July, sales of cold wallets have exploded, particularly those of the French company Ledger.
Whether it’s to guard against hacking or the risks inherent in centralised entities, investors are now placing a greater emphasis on securing their cryptocurrencies.
