{"id":69954,"date":"2022-11-11T18:00:13","date_gmt":"2022-11-11T16:00:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69954"},"modified":"2025-09-07T23:06:06","modified_gmt":"2025-09-07T20:06:06","slug":"pantera-capital-says-ftx-crash-had-only-a-minor-impact-on-its-business","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/pantera-capital-says-ftx-crash-had-only-a-minor-impact-on-its-business\/","title":{"rendered":"Pantera Capital says FTX crash had only a minor impact on its business"},"content":{"rendered":"<p>The collapse of the FTX crypto exchange has had only a minor impact on Pantera Capital&#8217;s business, according to partner Paul Veradittakit.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">On FTX: this industry setback is a blow economically, but it\u2019s also a blow on the trust and regulatory side of things for crypto. Going forward, what\u2019s needed for centralized platforms is more transparency and governance. \ud83e\uddf5Full thoughts here: <a href=\"https:\/\/t.co\/PN8r54uYHN\">https:\/\/t.co\/PN8r54uYHN<\/a><\/p>\n<p>\u2014 paul.nft (@veradittakit) <a href=\"https:\/\/twitter.com\/veradittakit\/status\/1590859314465746944?ref_src=twsrc%5Etfw\">November 11, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Founder and CEO Sam Bankman-Fried <a href=\"https:\/\/u1f987.com\/en\/news\/bankman-fried-ftx-assets-exceed-customer-deposits\">confirmed<\/a> liquidity problems, but said that the exchange&#8217;s assets exceeded liabilities.<\/p>\n<p>According to Bloomberg and WSJ, the <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-and-wsj-report-an-8-billion-hole-in-ftx-balance-sheet\">hole in the crypto company&#8217;s balance sheet amounts to up to $8 billion<\/a>. To restore solvency, it needs to raise about $4 billion.<\/p>\n<p>Coin Metrics experts suggested that <a href=\"https:\/\/u1f987.com\/en\/news\/coin-metrics-identifies-possible-cause-of-ftx-crisis\">a large financial bailout<\/a> that it provided to Alameda Research in Q2 2022 could have been a possible cause of the exchange&#8217;s collapse. WSJ sources confirmed that the platform provided the firm <a href=\"https:\/\/u1f987.com\/en\/news\/media-sam-bankman-fried-acknowledged-alameda-researchs-10-billion-debt-to-ftx\">about $10 billion<\/a> largely in client funds.<\/p>\n<p>On November 11, the parent company FTX, Alameda, and around 130 affiliated entities, FTX Group, <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">filed for bankruptcy<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cFrom Pantera\u2019s side, we had a <a href=\"https:\/\/u1f987.com\/en\/news\/crypto-industry-participants-distance-themselves-from-ftx-and-alameda-research\">minor impact<\/a> on the FTX platform, and we gained access to the exchange as a shareholder largely thanks to the <a href=\"https:\/\/u1f987.com\/en\/news\/media-reports-that-ftx-the-crypto-derivatives-exchange-acquired-blockfolio-but-the-post-was-later-deleted\">acquisition<\/a> of our portfolio company Blockfolio,\u201d Veradittakit said.<\/p>\n<\/blockquote>\n<p>He said that the more important task for Pantera was to determine how the FTX and Alameda collapse affected other portfolio companies. Bankman-Fried\u2019s group actively invested in crypto projects, Veradittakit noted.<\/p>\n<p>Checks showed that certain problems arose only for firms that have deposits on FTX. Pantera is helping them through options, the partner said.<\/p>\n<p>Earlier, representatives of several major crypto firms said there was a <a href=\"https:\/\/u1f987.com\/en\/news\/crypto-industry-participants-distance-themselves-from-ftx-and-alameda-research\">minor impact<\/a> on the <a href=\"https:\/\/u1f987.com\/en\/news\/who-is-sam-bankman-fried\">Bankman-Fried business empire<\/a>. But almost immediately <a href=\"https:\/\/u1f987.com\/en\/news\/blockfi-halts-withdrawals-amid-ftx-crisis\">BlockFi halted withdrawals<\/a>, and Crypto.com <a href=\"https:\/\/u1f987.com\/en\/news\/crypto-com-suspends-usdc-and-usdt-withdrawals-on-solana-amid-ftx-crisis\">imposed similar restrictions<\/a> for USDC and USDT on the <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-solana-sol\">Solana blockchain<\/a>. Both firms confirmed that the decisions were related to events surrounding FTX.<\/p>\n<p>Sequoia Capital marked its <a href=\"https:\/\/u1f987.com\/en\/news\/sequoia-capital-records-213-5-million-loss-on-ftx-investments\">$213.5 million investment in FTX as fully impaired<\/a>. The firm said it did not suffer from the exchange&#8217;s collapse.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices, and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The collapse of the FTX crypto exchange has had only a minor impact on Pantera Capital&#8217;s business, according to partner Paul Veradittakit.<\/p>\n","protected":false},"author":1,"featured_media":69955,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1236,1296],"class_list":["post-69954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ftx","tag-pantera-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=69954"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69954\/revisions"}],"predecessor-version":[{"id":69956,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69954\/revisions\/69956"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69955"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}