The collapse of the world’s second largest cryptocurrency buying and selling platform and its subsequent bankruptcy has rocked the digital currency world in recent days. Despite Argentina appears among the first countries in the world to adopt cryptocurrencies, the shock has not been so strong, as the exposure of local users and businesses to FTX is lower.
During the weekend, There have been users who have decided to withdraw their investments from major platforms in the local scene and companies have come out to take measures to bring peace of mind. Players caution that while there is, a priori, no direct impact of FTX’s collapse, the reputational damage in the industry around this issue could be significant.
Around the world, thousands of people, including celebrities like supermodel Giselle Bündchen and her former partner Tom Brady, have lost their investments in recent days.. In Argentina, the impact appears to be minor. According to Data.ai, a platform that analyzes the use and behavior of users of different apps, FTX customers wereThe 0.5% of the total universe that trades with cryptocurrencies.
If there was an Argentine platform that during the end of week decided to suspend withdrawals of money, a sort of “crypto corralito”, and they informed their customers with an email.
“FTX, in addition to being a service provider to Quantia and thousands of ecosystem companies, is a subsidiary who has thus far worked with US regulators in developing a US federal license and counts with licenses in several countries,” the company explained.
“Given the lack of information on the current status of FTX, we are unable to operate normally. Until there is more clarity, we will limit the activity of our platform, temporarily suspending withdrawals“warned the company’s press release, which announced that this Monday afternoon customers may have further news.
In parallel, the Buenbit exchange was the first to adopt a measure to restore transparency to its work. The company has made its public proof of funds, a check showing where your assets are invested and is certified by accountant Marcos Zocaro. As they explained in an official communication: “no assets of the company and of our users are exposed to FTX/Alameda, or the FTT token”.
The company has ensured: “We confirm that assets cover all liabilities. We are already working on a broader report including liabilities; i.e. customer balances”.
For his part, Marcelo Cavazzoli, CEO and founder of Lemon, the crypto wallet that currently has the largest number of users in the country, said: “Lemon users weren’t affected. They can use both their fiat and crypto funds with all the platform’s services, including sending, withdrawing.
The entrepreneur acknowledged: “The case of FTX results in a major blow to trust and a setback in adoption by the global crypto community”and advanced: “We are working on a Proof of Reserve (proof of funds) tool with external audit so that users can verify the assets and liabilities of Lemon to bring more transparency to the community.”
Manuel Beaudroit, CEO and founder of the Belo app, assured that his company is working on a similar audit process, which customers will be able to learn about in the coming days. At the same time, he noted, “We didn’t have funds on any of these platforms. However, you have to be very careful. I do not exclude a contagion effect as this type of event harms the industry. In Belo we work to strengthen transparency, knowing that we must be very cautious”.