FTX bankruptcy freezes millions worth of crypto company funds

FTX bankruptcy freezes millions worth of crypto company funds

The collapse of the cryptocurrency exchange FTX continues to have knock-on effects throughout the crypto industry with multiple crypto-focused companies reporting significant amounts of their capital stuck on FTX.

Between Nov. 11 to 14 three crypto companies announced large losses with one of them having to lay off workers to deal with the crisis.

On Nov. 11, crypto hedge fund Galois Capital announced it had “significant funds” stuck on FTX, with a Nov. 12 Financial Times report that said a possible $50 million worth of Galois’ assets were stuck on the exchange.

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Other crypto-focused companies have reported their funds arestuck on the now-bankrupt exchange.

New Huo Technology, the owner of the Hong Kong-based crypto platform Hbit Limited announced on Nov. 14 it failed to withdraw $18.1 million worth of

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