Dear BCUBEIANS,
It is with great sadness that we hear the news that FTX has filed for bankruptcy. This company has been a major player in the industry for many years, and its products have been fundamental to many businesses in the space.
The cryptocurrency industry was dealt a major blow this week when the exchange abruptly collapsed. FTX had quickly become one of the leading exchanges in the space, with a large user base and a wide range of features. Unfortunately, it appears that the company was not as solvent as it appeared to be. The funds of the users had been frozen and all trading had been halted affecting millions including our clients and company executives.
The exact cause of the collapse is still unknown but it has come to our attention that the FTX platform may have been hacked. We are still working to confirm this, but at this time we strongly recommend that all users of the platform take precautions. In particular, to our clients using FTX, we recommend stopping all trading activities on the exchange.
The service of BCUBE is non-custodial which means we don’t hold custody of our clients’ funds. No fund has been lost on BCUBE’s side.
At the same time, BCUBE’s strategies will no longer be compatible with the FTX exchange and we urge every customer to disconnect their API keys in case they are still connected.
It is clear that this is a major setback for the industry. Many businesses were built on the back of FTX, and its collapse will have ripple effects throughout the space. Only time will tell how deep those effects will be.
The recent events have been painful for everyone involved, but we remain committed to our goal of building a fair and ethical cryptocurrency ecosystem. Thank you for your support, and we look forward to continuing to grow together.
The BCUBE Team
DISCLAIMER
Trading cryptocurrencies involves risk. The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the article’s content as such. Author, website or the company associated with them does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. Lastly, this article is not targeted at French citizens or residents.