Jump Trading Group’s cryptocurrency division, Jump Crypto, denies rumors that it might close down due to FTX losses.
The company tweeted that Jump Crypto wouldn’t collapse on November 17. We are confident that we are among the few crypto businesses that are both well-funded in the current market and highly liquid. Please remember that I am still “investing” and “trading”.
The firm that trades in cryptocurrencies posted on November 12 its surprise at the events surrounding FTX. It informed its customers, however, that the company’s risk plan had been followed and that they remain well financed.
Jump Crypto has made it clear that the cryptocurrency community will continue to be cautious in the aftermath of the collapse and all the repercussions. Jump Crypto market expert Knower stated in a tweet that Jump crypto would genuinely tweet that they were okay and weren’t shutting down. However, 157 reply guys will say they’re lying (because SBF said the same thing).
The recent events including the collapse and subsequent events seem to have eroded trust in the cryptocurrency community. Sam “SBF” Bankman-Fried was the CEO of FTX, before it declared bankruptcy. He denied that the “shitshow that was FTX” had any financial impact on FTX US prior to FTX going bankrupt. Bankman-Fried believed that “any user can completely withdraw (subjects to petrol expenditures etc.).” FTX US. It was obvious that this was not the case immediately after FTX Group, FTX US, filed Chapter 11 bankruptcy protection.
BlockFi, which was left in a similar position to FTX’s collapse, initially denied rumors about financial difficulties.
Flori Marquez, founder and COO of BlockFi, allegedly claimed that Flori Marquez was about to file for bankruptcy after he assured customers that all BlockFi products were “totally functional”. This is despite reports that most of the company’s assets were being kept on the defunct FTX exchange. Marquez previously stated to customers that all BlockFi products are “totally functional.”