FTX Bankruptcy: Update on Coin Trading Activities

Press release by TDC – Close a week after the factthe entire crypto industry continues to tremble after the earthquake caused by the bankruptcy of The FTX platformnumber 2 in the sector.

There are now thousands of companies and just as many security victims who are more or less badly hit and get into trouble. In this unprecedented context, the company Coin tradinghistorical partner of the Journal du Coin, wanted to give a full update on the reality of the damage suffered and on the planned initiatives to prepare for the future and best support its community. So we let him talk.

FTX collapse: What consequences for coin trading?

Within ten days, FTX, once considered number two in the industry, fell from its pedestal and declared itself bankrupt.

As a service provider using FTX as a third party to run our automated strategy, our activity is in coin trading clearly affected.

Since the disclosure of the scandal, our members had been prioritized, which we kept informed as regularly as the twists and turns of this fiasco allowed. As the situation seems to stabilize, this speech is intended for the rest of the community.

Created in 2018, our crypto active manager was exclusively transferred 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 efficient automated trading strategy while remaining in control of their funds.

Given the circumstances, due to the fall of FTX, the estimated damage to 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 to all the actors concerned. Coin trading customers, traders, investors on a personal or professional basis, we share your pain, in the truest sense of the word. In fact, the company, its founders and collaborators have also been heavily influenced by their personal funds. As for all of you, nothing lets us predict this disaster.

The occult and unimaginable practices until recently of one of the 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 operation. However, the cryptocurrency ecosystem is full of honest players and brilliant ideas, and instead of getting discouraged in these dark times, mutual support and solidarity between community members must take precedence.

In order to ensure the continuity of our activity and allow the implementation of solidarity measures, a subsequent revision of our automated strategy on several other exchange platforms is currently under consideration.

We are still only in the early stages of a company that will shape the industry for a long time. While the situation is still evolving, the urgency and scale of the financial loss to our members compels us to respond quickly. We will communicate the details of our solidarity measures to our members as soon as possible. In addition, an assessment of our legal options is currently being examined to closely follow developments in the FTX platform’s bankruptcy case.

The coin trading team

Le Journal du Coin will report as regularly as necessary the developments regarding the situation of the TDC and in particular all the measures and initiatives undertaken to, on the one hand, defend the interests of the community, but also guarantee the maintenance of an optimal service.

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