Animoca CEO Claims That Asia Has Moved Past The FTX Implosion
Recently, Yat Siu, the chairman and co-founder of Animoca Brands, a blockchain gaming studio and venture capital company, made positive statements about Asia’sAsia’s crypto community. He said that the Asian crypto community has moved past the FTX crypto exchange disaster after the arrest of the exchange’sexchange’s former chief executive officer, Sam Bankman-Fried.
Yat Siu commented on the issue while speaking at Taipei’sTaipei’s two-day Non-Fungible Token (NFT) conference. The conference was a forum for various groups of individuals from various backgrounds interested in cryptocurrencies, blockchain technology, and Web3.
The founder said that he believes that the FTX situation is turning into a western narrative. He added that the severity of the crash was further popularized by the western media narrative, which is highly influential.
Siu explained that the issues that affected the FTX crypto exchange were not so much different from financial issues. But, he noted that the Terra crash was far bigger than that of FTX. However, the high-profile personality of Sam Bankman-Fried meant that the crash of his exchange was more reputational damage and institutional damage to Americans than the crash itself.
Yat Siu stated that the FTX exchange crash did not heavily impact Animoca because the firm had a small percentage of trading activities with the fallen exchange and was also not very exposed to the Solana ecosystem.
Insurers Limit Coverage To Clients With FTX Exposure
Per multiple reports, some insurers have started limiting coverage to customers with exposure to the defunct FTX exchange, while others are denying them coverage outrightly. Hence, many crypto firms and traders are uninsured against lawsuits, hacks, thefts, or other losses due to their exposure.
Insurers cite the little or no regulatory policies for the crypto space and the price volatility of BTC and other crypto assets as the reason for the decision. In addition, some notable insurers request more proof from crypto firms about their exposure to FTX.
For instance, the CEO of Hugh Wood, a Canada-based broker firm, Kyle Nichols, stated that his firm has made it compulsory for clients to complete a questionnaire regarding their investment in the defunct exchange.
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