Press release of the TDC – Close one week after the factthe entire crypto industry continues to tremble following the earthquake caused by the bankruptcy of the FTX platformnumber 2 in the sector.
There are now thousands of companies and as many collateral victims who find themselves impacted more or less heavily and put in difficulty. In this unprecedented context, the company Coin Tradinghistorical partner of the Journal du Coin, wanted to provide a complete update on the reality of the damage suffered and on the initiatives planned to prepare for the future and best support its community. So we let him speak.
FTX Collapse: What Consequences for Coin Trading?
Within ten days, FTX, once considered the number two in the industry, fell from its pedestal and declared itself bankrupt.
As a service provider using FTX as a third party to operate our Automated Strategy, our activity within Coin Trading is obviously affected.
Since the revelation of the scandal, priority had been given to our members, whom we kept informed as regularly as the twists and turns of this fiasco allowed. As the situation seems to be stabilizing, this speech is intended for the rest of the community.
Created in 2018, our crypto-asset manager was transferred exclusively to the FTX platform in september 2021. This approach was motivated by the possibility of simply creating sub-accounts to separate the funds allocated to the TDC strategy from the rest of the assets. Over the years, our clients have benefited from an effective automated trading strategy, while remaining in control of their funds.
Considering the circumstances, due to the fall of FTX, the estimated damage for our members is approximately 10 million euros, blocked in stablecoins on the platform.
First of all, we would like to show our full and complete support for all the actors affected. Coin Trading clients, traders, investors on a personal or professional basis, we share your pain, in the true sense of the term. Indeed, the company, its founders and collaborators have also been heavily impacted on their personal funds. As for all of you, nothing let us predict this disaster.
The occult and unthinkable practices until recently of one of the main protagonists of the sector have come to tarnish the image of a technology which, ironically, is supposed to bring precisely a solution to this type of drift. However, the cryptocurrency ecosystem is brimming with honest players and brilliant ideas, and rather than being discouraged in these dark times, mutual support and solidarity between members of the community must take precedence.
To ensure the continuity of our activity, and allow the implementation of solidarity measures, a subsequent overhaul of our Automated Strategy on several other exchange platforms is currently under consideration.
We are still only in the early stages of a business that will mark the industry for a long time. Although the situation is still set to evolve, the urgency of it and the extent of the financial loss for our members pushes us to react quickly. We will communicate the details of our solidarity measures for our members as soon as possible. In addition, an assessment of our legal options is currently being studied in order to closely monitor the development of the FTX platform’s bankruptcy case.
The Coin Trading Team
Le Journal du Coin will report as regularly as necessary the developments concerning the situation of the TDC and in particular all the actions and initiatives undertaken to, on the one hand defend the interests of its community, but also guarantee the maintenance of an optimal service.