Amber Group, a Singapore-based cryptocurrency company, has reportedly put its funding round on hold. The decision was made in response to the fallout from the collapse of the “once-revered” FTX crypto exchange.
To reassure users about the safety of their assets, Amber Group clarified its exposure to FTT and Alameda Research, stating that less than 10% of its trading capital was held in FTX and that its bankruptcy posed no threat to its operations.
Due to the current state of the crypto market, the company has undergone restructuring, laying off 10% of its workforce. According to the company, the layoffs were a quarterly business adjustment, and the adverse crypto market conditions increased the figure.
Rumors of the company going bankrupt circulated after the firm’s human resources department delayed salary payments, claiming they were awaiting “financial confirmation” to pay.
Lookonchain, a blockchain analysis platform, analyzed Amber’s wallet holdings, discovering $36 million worth of BUSD and $13.12 million worth of ETH sent to a new address.
Amber Group responded to the rumours by stating that it is continuing to conduct business as usual and is constantly adapting its business strategies to ensure it operates effectively during this crypto winter.
Amber Group was founded in 2017 by ex-Morgan Stanley traders Tiantian Kullander, Wayne Huo, Tony He, Michael Wu, and Luke Li. The company provides cryptocurrency finance services such as liquidity provision, digital asset trading, and asset management.
Amber Group is backed by the industry’s top venture capitalists, including Temasek Holdings and Morgan Creek Digital Assets. According to their website, they have over $5 billion in assets and a trading volume of $1 billion. The company also works with Credora Platform, a financial audit firm, to ensure transparency and accountability.
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