NFT Market Update 11th November 2022
Fallout from FTX continues after Deepak.eth, CEO of @Chain, is selling his personal collection of rare Apes and Punks after the company deposited funds on FTX. Deepak tweeted, “We trusted [SBF’s] statement and left funds there…unfortunately, our funds are now stuck and we have an 8 figure exposure.”
Genesis trading revealed they have $175m of funds locked on FTX. Genesis claims their operating capital and net positions are not material to their business and all trading is fully functional.
According to reports on Twitter, FTX marketplace traded $50 million in volume, after a Bahamas account withdrew people’s funds for them by selling NFTs on FTX’s marketplace and the stuck user purchasing the NFT with their full balance.