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Cryptocurrencies: 24715
Markets: 95953
Market Cap: $3,532,043,383,936     
24h Vol: $90,506,682,984
Seeking Alpha 2022-11-14 16:08:56

BitNile sees no direct exposure to collapsed FTX crypto exchange

BitNile sees no direct exposure to collapsed FTX crypto exchange
BitNile Holdings ( NYSE: NILE ) said Monday that it expects to have zero exposure to the meltdown of the once-prominent cryptocurrency exchange, FTX, which recently filed for Chapter 11 bankruptcy . Its bitcoin ( BTC-USD ) holdings are secured in custodial wallets that "mitigates the risk of loss similar to those from the FTX disruption," the BTC miner said. “Other than the very difficult market conditions for Bitcoin in recent days, BitNile and its subsidiaries have not been disrupted by recent bankruptcies of industry participants," said BitNile Executive Chairman Milton “Todd” Ault, III. With the FTX debacle sending shockwaves throughout the cryptoverse, bitcoin ( BTC-USD ) has dropped 9% in the past five trading sessions. Previously, (Nov. 11) digital asset focused bank Silvergate Capital ( SI ) said its FTX exposure was limited to deposits .
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