Until now, Swiss investors seemed largely unaffected by the bankruptcy of the FTX trading platform. Now it turns out that this does not apply to everyone. As the “Tippinpoint” financial portal reports, FTX bankruptcy is costing a Swiss crypto fund dearly. The fund lost more than a fifth of its assets.
The related fund is the SwissRex Crypto Fund. The loss amounts to 13 million francs, mainly invested in so-called DeFi tokens. This emerges from a letter to shareholders.
Not suitable for all investors
Problem: It’s unpredictable whether investors will get more money from the FTX bankruptcy. FTX is said to have embezzled billions of client funds. Sam Bankman-Fried (30), founder of FTX, has long been considered a crypto genius. Until their scam was revealed in November and they were blamed for the crypto world’s biggest fraud scandal.
The thing is sharp: not only did risk-averse investors invest in the fund, but pension funds also bought shares in the fund. This means that pension funds that were originally meant to be securely invested will now likely be lost forever.
According to the information provided by the fund operator, those deposited into the fund by the relevant foundations are vested interests in Switzerland. (co)