Shulou(Shulou.com)11/24 Report--

CTOnews.com November 14 news, today, Firecoin Technology issued an announcement on the Hong Kong Stock Exchange that cryptocurrency assets cannot be withdrawn from the cryptocurrency exchange FTX.

In the announcement, Firecoin Technology pointed out that as of the date of the announcement, Hbit Limited, a wholly-owned subsidiary of the company, had approximately US $18.1 million (approximately RMB 129 million) worth of cryptocurrency deposited on the cryptocurrency exchange FTX, of which approximately US $13.2 million was customer assets based on customer transaction requirements and approximately US $4.9 million was Hbit Limited's own assets.

Firecoin said that because FTX's group entities, including FTX, filed for bankruptcy protection in the US on November 11, 2022, the cryptocurrency assets may not be able to be withdrawn from FTX.

In addition, the announcement mentioned that the company reached an agreement with Li Lin, the controlling shareholder and non-executive director. Accordingly, Li Lin agreed to provide the company with additional unsecured financing of up to $14 million. Shareholder financing is not interest-bearing, and the company will use shareholder financing if necessary to pay the customer assets and liabilities arising from the event. The company will continue to take all appropriate measures to safeguard the interests of customers.

As of CTOnews.com, Hong Kong shares were down more than 13 per cent at HK $3.54 in intraday trading.

Related readings:

"FTX announces bankruptcy filing, Silicon Valley venture capital of nearly $2 billion may go down the drain."

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