Giant cryptocurrency Cryptocurrency trading startup that suffered $20 million in losses due to the bankruptcy of its exchange FTX Auros Globalannounced that it plans to continue its activities after implementing the restructuring plan. The company released a statement on its official Twitter account.
Statement from Auros regarding recent references in the media – pic.twitter.com/9RFHhYjHqz
— Auros (@Auros_global) December 20, 2022
Crypto trading company Auros Global, FTX announced that it had a liquidity problem due to the loss it caused after the stock market filed for bankruptcy protection. According to the statement, although the balance sheet could be met, a cash flow problem caused a liquidity crisis. Names from the top management of the company stated that they could overcome the situation without going bankrupt after the liquidity crisis.
Auros Global defaulted on its crypto loan by failing to pay the 2,400 Wrapped Ether (wETH) due on December 1, according to media reports. M11 Credit, which manages the corporate loan pool at Maple Finance, shared that Auros was unable to make its $3 million principal repayment.
In the statement, Auros confirmed that he was working with independent consultants outside the current management in preparing the restructuring plan. If the restructuring is successful, the activities will continue as before. The company interprets its liquidity crisis as a “light touch”.
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