In a statement shared on Twitter on November 15, the corporation said that its direct involvement with FTX “was constrained to seven figures kept in custody.” However,it needed to provide a precise monetary amount. The letter also said that Sino is still active and continuing to invest in new businesses.
Sino’s Funds and FTX
In October 2017, Sino made its first fund available to investors outside the company. However, since FTX disclosed it was suffering a liquidity constraint and filed for bankruptcy, there has been a lot of speculation about Sino’s holdings. This speculation has been building up for quite some time.
It is well known that Sino is a significant funder of FTX and initiatives related to FTX, such as Serum and Solana. In addition, it was made abundantly clear that the company has not engaged in short-term trading or any leveraged methods regarding investment holdings. According to what was said in the letter, “Like most of you, we believed FTX to be a great actor devoted to driving the industry forward.”
“We feel terrible about the trust customers had being lost in us.” Our direct involvement in the FTX exchange was limited to the middle of the seven figures in custody. Sino Global claimed in a statement on Tuesday that the company had invested in FTX’s stock before the debut of its Fund and that it had not put any
limited partner cash into the company.
Sam Bankman-Fried: Sino Global Capital Has Been Supportive Of FTX Late in October, in Riyadh, the CEO of the company, Matthew Graham, was photographed with the CEO of FTX, Sam Bankman-Fried. In Sino’s first outside Fund, FTX played the role of anchor investor. “Matthew and the rest of the team at Sino Global Capital have supported the FTX concept since the beginning. They have collaborated alongside us to assist in bringing
it to fruition.
Sino Global Capital Supports Crypto and Blockchain Technology
As a result, the Fund will now make a more significant number of possibilities available to enterprises that are taking blockchain technology and cryptocurrency to the next level, “remarked Bankman-Fried at the period the Fund was being established. In January 2022, Sino Global reported having over $360 million in investments under management. At the time, the company was one of the initial investors in the now struggling FTX.
According to the pitch deck, it highlighted its early entrance into the Solana network by launching its “Liquid Value Fund 1” in cooperation with FTX. Sam BankmanFried, the creator of FTX and a notable Solana investor, was also involved in creating the Fund. In the meanwhile, Sino Global said that business was continuing as usual. And that the company’s current Fund was concentrating on blockchain infrastructures and gaming initiatives.