FTX, one of the largest cryptocurrency exchanges in the world, has filed for Chapter 11 bankruptcy in the United States. This was announced in a statement on Twitter. Its CEO Sam Bankman-Fried has resigned and has been replaced by John J. Ray III.
This morning, before the announcement of the Chapter 11 request from FTX, the Italian, arrived Young Platforman Italian exchange community leader, explained how its management model differs significantly from that which emerged from the press reports regarding FTX and Alameda, attributable to the managerial activity of Sam Bankman-Fried, founder and CEO of the first company and founder of the second, dedicated to hedge fund and trading activities, which he had previously managed.
FTX and Alameda Research were not as separate as advertised, according to news site CoinDesk, which became aware of Alameda’s balance sheet, on which solvency doubts have arisen. In fact, it emerged from this that Alameda’s main activity was the FTT itself, the token of the exchange FTX, worth approximately $ 3.86 billion, out of $ 14.6 billion of total assets. Not only that, but the third most important asset was made up of $ 2.16 billion of “FTT collateral”. It is therefore a huge component of the balance sheet, but what matters is the quality of the assets. Not only did half of the balance sheet come from their own centralized entity, but it was linked to a low-liquid token, whose intrinsic value is almost impossible to calculate. Furthermore, in the last period the exchange had been active in acquiring companies in crisis, so the financial statements show the consequences of these purchases, perhaps even economically advantageous but financially very demanding.
“FTX never passed Young Platform due diligence and we have never had any addiction to FTX, therefore, our clients’ assets under management are safe. Furthermore, the FTT token was not even listed on our platform, this means that no Young Platform client has ever lost money in connection with the affair. FTX”ensures Mariano Carozzipresident of the Italian platform for the trading of cryptocurrencies, which has over one and a half million subscribers.
“Young’s economic situation is very different, we have recently strengthened our capital endowment with a significant increase in capital subscribed by leading Italian institutions, the work group and our company organization and we have never been attracted by financial transactions that, even if advantageous, were risky “. He emphasizes it Andrea Ferrero, CEO of Young Platform, referring to the financing round led by Azimut in June and in which a pool of investors participated, including Banca Sella and United Ventures.
The goal of the Young platform is to provide access to cutting-edge crypto products while maintaining a conservative approach to business operations, security and financial resilience. This approach is also reflected in the choice of partners of excellence, even in this difficult time for the market, such as our Fireblocks custody service, world leader in the sector ”.
“Bitcoin is experiencing a moment of high short-term volatility, but as an asset it does not change its intrinsic value and this makes us confident, despite everything – concludes Carozzi -. In addition to the turmoil and inflation of the period, our industry faces the regulatory and regulatory uncertainties that still need to be remedied by institutions, to reward quality operators. The great virtue of cryptocurrencies so far has been the ability to learn from one’s mistakes and strengthen accordingly. We believe that the best players will be rewarded in any regulatory and market context ”.