By collapsing yesterday, the FTX platform blocked cryptocurrency withdrawals from its users. Unfortunately, some companies were using FTX to store funds and earn interest. Let’s take stock of the impact of its collapse in the French crypto ecosystem.
France : les entreprises crypto sont-elles affectées par la chute de FTX ?
FTX drags the crypto ecosystem down
With the fall of the FTX exchange, is a domino effect to be expected?
Despite the non-binding agreement signed between the CEOs of FTX and Binance, users are still unable to recover their funds.
Millions of assets are still stuck on the platform, and although Changpeng Zhao wants to cover the liquidity shortfalls, there is no assurance that these funds will become 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 (LUNA) ecosystem in May 2022.
In France, investors are trying to find out which companies registered as PSAN were exposed or not to the company of Sam Bankman-Fried.
As a reminder, PSAN is the acronym for ” digital asset service providers “. Issued by the Financial Markets Authority (AMF), the PSAN allows companies to offer services related to cryptocurrencies legally on French territory.
Let’s take a tour of the information that has been transmitted in the last 24 hours.
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Companies rather spared?
At present, whether on their official website or on their Twitter account, the PSAN registered companies have communicated little on the subject.
On Twitter, some companies reassure their customers that their assets have not been impacted by the fall of FTX. This is notably the case of Just Mining and Feel Mining: according to both platforms, FTX is not used within their structures. Their customers therefore have nothing to fear.
On the SwissBorg side, a thread was posted on Twitter to reassure their customers:
🧵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 as of 2019 allowing us to provide asset exchange and custody services to our users. »
Like the two previous entities, SwissBorg ensures that the funds deposited on its platform are not reused by its teams. In other words, its clients’ funds are not used for the purpose of generating additional income without their consent.
Regarding the companies Coinhouse, eToro, StackinSat and others, no communication was made by their teams: did they have funds on FTX? If so, will their customers be impacted? We will know more in the next few days.
Despite these rather positive announcements, an aftertaste of mistrust is felt among Internet users : While FTX crumbled after the lies of Sam Bankman-Fried, some believe that no trust can be placed in centralized structures.
Moreover, since the Celsius Network bankruptcy last July, sales of cold wallets have exploded, in particular those of the French company Ledger.
Whether to protect against hacks or the risks inherent in centralized entities, investors now attach greater importance to securing their cryptocurrencies.
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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