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Nickel Digital, Metaplex and others continue to feel the effects of the FTX collapse

Published on

January 19, 2023
Read Time:1 Minute, 46 Second

Nickel Digital Asset Administration is not the one firm feeling the consequences of FTX's collapse and chapter. NFT protocol Metaplex additionally fired “a number of members of the Metaplex Studios workforce” as a result of “oblique results” of the crypto trade FTX collapse. Metaplex Studios co-founder and CEO Stephen Hess shared in a Thread on Twitter:

"Whereas our Treasury was indirectly impacted by the FTX collapse and our fundamentals stay robust, the oblique influence available on the market is critical and would require us to take a extra conservative strategy going ahead."

(3/7) Whereas our Treasury was indirectly impacted by the FTX collapse and our fundamentals stay robust, the oblique influence available on the market is critical and would require us to undertake a extra conservative strategy going ahead.

— stephen.sol (@meta_hess) November 17, 2022

The Ontario Lecturers' Pension Plan additionally suffered some losses. In accordance with Notice The funding, made by the Canada-based lecturers' pension fund, put $75 million into FTX Worldwide and its US unit, FTX.US. The Ontario Lecturers' Pension Plan mentioned the funding represented "lower than 0.05%" of its complete web property and "represented possession of 0.4% and 0.5%, respectively, of FTX Worldwide and FTX.US." Though the pension plan is disenchanted by its losses, he affirms that "given its measurement relative to our complete web value and our robust monetary place, the monetary loss from this funding could have a restricted influence on the plan."

See Additionally: Crypto Biz: FTX Fallout Leaves Blood

On Nov. 18, Cointelegraph reported that Genesis Block, a pioneer in offering retail cryptocurrency providers in Hong Kong, separate from institutional cryptocurrency buying and selling providers Genesis, will begin closing its online over-the-counter (OTC) trading portal starting December 10th.

London-based crypto investment firm Nickel Digital Asset Management reported on Nov. 18 that it has around $12 million of its funds pinned to FTX. According to founder and chief investment officer Michael Hall, the company was unable to withdraw funds, which it said make up an estimated 6% of its $200 million in assets under management.

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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 19, 2023
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