{"id":599571,"date":"2023-01-20T17:49:18","date_gmt":"2023-01-20T23:49:18","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/20\/ripple-ceo-reveals-10mn-exposure-to-bankrupt-ftx-exchange\/"},"modified":"2023-01-20T17:49:18","modified_gmt":"2023-01-20T23:49:18","slug":"ripple-ceo-reveals-10mn-exposure-to-bankrupt-ftx-exchange","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/20\/ripple-ceo-reveals-10mn-exposure-to-bankrupt-ftx-exchange\/","title":{"rendered":"Ripple CEO Reveals $10Mn Exposure To Bankrupt FTX Exchange"},"content":{"rendered":"
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While Ripple\u2019s conflict with the SEC persists, it appears that it has also encountered other issues. Let\u2019s see what\u2019s new with Ripple.\u00a0<\/p>\n

In a recent fireside discussion on CNBC\u2019s Tech Transformers at Davos, Ripple CEO Brad Garlinghouse revealed that the blockchain payments company had exposure to FTX. He disclosed that Ripple leased around $10 million in XRP to the now-defunct crypto exchange.<\/p>\n

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He said, \u201c\u2026 we did have some exposure to FTX,\u201d the Ripple chief said. \u201cI think \u2026 we\u2019ve publicly shared before there\u2019s around just over $10 million of XRP we had leased to FTX that they use for various things on FTX\u2026 I\u2019m hopeful that through the bankruptcy process, we get some or all of it back but uh it\u2019s not too consequential to the business.\u201d\u00a0<\/p>\n<\/blockquote>\n

Last November, FTX and over 130 companies filed for bankruptcy protection after a bank run exposed an estimated $8 billion hole in its balance sheet. In just 24 hours, the company\u2019s value fell from nearly $32 billion to $1.<\/p>\n

Ripple frequently gives short-term XRP leases to market makers and XRP participants for sales. These leases are typically returned to Ripple.\u00a0 Given Sam Bankman-alleged Fried\u2019s fraud, the Ripple CEO stated that it is unclear what the company will receive from the lease. Only 1% of Ripple\u2019s liquid assets were represented by the XRP lease.<\/p>\n

This statement that Ripple has had some contact with FTX has drawn attention from the community. While some of them point out lies and remind of earlier statements by Ripple where they have claimed that they have never had any exposure, others offer explanations by stating that they do to market makers to ensure orderly trade and liquidity.\u00a0<\/p>\n

Back in November 2022, it was reported that former FTX CEO Sam Bankman-Fried called him two days before the company filed for bankruptcy, the CEO of Ripple claimed that they discussed whether there were any FTX-owned companies that Ripple \u201cwould want to own\u201d during the call.<\/p>\n

All these interactions between the two companies have raised eyebrows, especially after Garlinghouse claimed that Ripple\u2019s exposure to FTX has been limited.\u00a0<\/p>\n<\/div>\n

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Nidhi Kolhapur<\/a><\/h3>\n

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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\n Qadir AK<\/p>\n","protected":false},"excerpt":{"rendered":"

While Ripple\u2019s conflict with the SEC persists, it appears that it has also encountered other issues. Let\u2019s see what\u2019s new with Ripple.\u00a0In a recent fireside discussion on CNBC\u2019s Tech Transformers at Davos, Ripple CEO Brad Garlinghouse revealed that the blockchain payments company had exposure to FTX. He disclosed that Ripple leased around $10 million in<\/p>\n","protected":false},"author":1,"featured_media":599572,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[336,25213],"tags":[],"class_list":{"0":"post-599571","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-reveals","8":"category-ripple"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/599571","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=599571"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/599571\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/599572"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=599571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=599571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=599571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}