Sino Global Capital breaks silence over FTX exposure

2022/11/15 08:47

According to TheBlock, China-based crypto venture firm Sino Global Capital has broken its silence about the extent of its exposure to FTX.
The company said its direct exposure to FTX, the exchange, "was confined to mid-seven figures held in custody," in a letter published on Twitter on Nov. 15. It did not specify an exact sum. The letter added that Sino remains operational and continues to invest in startups.
Sino opened its first fund to external investors in October of last year. Speculation over Sino's positions has been brewing ever since FTX revealed it was facing a liquidity crunch and then subsequently filed for bankruptcy. Sino is a known big backer of FTX and FTX-adjacent projects, such as Solana and Serum.
"Our investment in the equity of FTX was made prior to the launch of our fund and we did not invest any LP capital into FTX," said the company in today's letter.
It also clarified that the firm hasn't taken any leveraged or short-term trading strategies in relation to investment positions.

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