Auros Global Crypto trading firm has suffered from a twenty million dollar of exposure after the recent collapse in the FTX.
Auros Global, a crypto trading company that reportedly lost $20 mn inside the FTX crash, has issued a statement announcing that it intends to restart regular operations following the implementation of a restructuring plan.
The bitcoin trading company said that, after the downward slide of FTX leading to its collapse, the firm found itself in a situation where instant liquidity became insufficient to fulfill recalls from creditors. However, the company’s top executives remained certain that they could survive the FTX infection storm.
In its statement, Auros Global also admits that it asked for a particular reform program that would permit the present management group to carry on business as “approved managers” while a strategy for restructuring develops.
Auros Global In Difficult Situation Since FTX Collapse:
The bitcoin trading company hopes that once the reorganization plan is fully completed, business will resume as usual.
The corporation also made a point of stating that it had asked for a “gentle touch” temporary bankruptcy order, that is frequently used when a firm has a “financial statement solvent” however a “cash flow insolvency” status. This enables the corporate reorganization to rapidly and successfully address the firm’s cash insolvency challenges.
On 1st December Cointelegraph reported that the Auros Global missed their main repayment on their DeFi loan of twenty-four hundred wETH because of the FTX contagion. This was around three million dollars of payments in total.
In the aftermath of FTX’s demise, an increasing number of businesses are struggling, including Auros Global. On November 11, FTX and a number of other businesses run by Sam Bankman-Fried filed for bankruptcy under Chapter 11.
