Sino Global Capital Breaks The Silence on The FTX Show
Sino Global Capital breaks the silence on the FTX show. Venture capital firm Sino Global Capital revealed that it has several million dollars in assets held in FTX. The company has not invested any capital in FTX’s capital. Chinese private equity firm Sino Global Capital has broken its silence on the extent of its exposure to FTX.
The company said its direct exposure to FTX, the exchange, “is limited to approximately seven people,” in a letter posted on Twitter on Nov. 15. He did not specify the price. The letter added that Sino is still operating and continues to invest in startups.
Sino opened its first fund to outside investors in October last year. Speculation about Sino’s situation has been mounting since FTX revealed it was facing financial problems and later filed for bankruptcy. Sino is a well-known big fan of FTX and FTX side projects, such as Solana and Serum. “Our investment in FTX capital was made before the launch of our fund and we did not invest any LP money in FTX,” the company said in a letter today.
He also explained that the company does not accept any leveraged trading system or short-term investment position. “Like many of you, we trust FTX to be a solid player committed to moving the industry forward,” the letter reads. “We deeply regret this misplaced trust.”
Company CEO Matthew Graham is pictured with FTX CEO Sam Bankman-Fried in late October in Riyadh. FTX is the leader in Sino’s export earnings.
“From the beginning, Matthew and the team at Sino Global Capital supported FTX’s vision and worked with us to make it a reality. The fund will now provide opportunities for projects that take crypto and blockchain technology to the next level,” Bankman-Fried said during the fund’s launch.