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Jump Crypto denies rumors that it intends to liquidate due to FTX losses

Published on

January 18, 2023
Read Time:2 Minute, 28 Second

Bounce Crypto, a division of Bounce Buying and selling Group, has denied rumors circulating on-line that it intends to halt operations because it faces FTX losses.

In accordance with a tweet shared by the corporate on Nov. 17, “Bounce Crypto is not going to be shut down. We consider we're the most effective capitalized and liquid firms within the crypto house,” they added, including that they're nonetheless within the “make investments and commerce” enterprise.

With the rumors floating round, let's debunk a couple of issues.

Bounce Crypto is not going to shut down. We consider we're the most effective capitalized and liquid firms within the crypto house.

We're nonetheless actively investing and buying and selling. So in case you are in search of financing please contact us.

— jump_crypto (@jump_) November 17, 2022

In a tweet on Nov. 12, the crypto firm expressed shock on the unfolding occasions with FTX. Nevertheless, it reassured its shoppers that "Bounce's publicity to FTX has been managed in keeping with our danger framework and we stay properly capitalized".

1/ We, like all of you, have been shocked by the occasions which have taken place over the previous week. Bounce's publicity to FTX has been managed in keeping with our danger framework and we stay properly capitalized.

— jump_crypto (@jump_) November 12, 2022

Regardless of the rejection of Bounce Crypto, the collapse of FTX and the fallout from it has made the crypto group skeptical. Market analyst @knowerofmarkets shared in a tweet, "Bounce Crypto will actually tweet they're nice and will not shut them down, however 157 responders and threadooooors will nonetheless declare they're mendacity (as a result of SBF mentioned the identical factor)."

Bounce Crypto will actually tweet that they are nice and will not shut them down, however 157 replies and threadooooors will nonetheless declare they're mendacity (as a result of SBF mentioned the identical factor).
Beginning to suppose that individuals on Twitter simply wish to watch the world burn and do not care about crypto

— Connoisseurs (@connoisseursofmarkets) November 17, 2022

Associated: FTX fallout continues: BlockFi reportedly contemplating chapter, SALT pausing withdrawals and deposits

Confidence throughout the crypto group appears to have been harm by the latest FTX collapse and subsequent occasions. Earlier than FTX filed for chapter, former CEO Sam Bankman-Fried "SBF" denied that FTX US was financially impacted by the "shit present" that happened with FTX. Beforehand, Bankman-Fried insisted that FTX US was "100% liquid" and that "any person can withdraw absolutely (modulo fuel charges, and so forth.). .

Following FTX's collapse, BlockFi discovered itself in an identical state of affairs, initially denying claims of entering into bother for being concerned in FTX's collapse.

BlockFi has denied rumors that the majority of its wealth was held on FTX previous to the inventory market's collapse and has reportedly discovered itself getting ready to chapter simply days after founder and chief working officer Flori Marquez assured customers that every one BlockFi merchandise "able to drive."

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 18, 2023
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