The Company That Predicted The FTX Collapse Correctly Announced Its New Claim!

Wave Financial has over $1 billion in crypto asset managers under its management. cryptocurrency exchange managed to survive the collapse of FTX with zero loss of client funds. Now it warns of potential risks associated with other exchanges.

David Siemer, CEO of Wave Financial, said in a year-end client interview last week:

“We had assets for our clients a week or two before FTX actually crashed, but we knew what was going on long before a real problem arose or we started to hear what was going on and we pulled out all the assets.”

“There Are Many Cryptocurrency Exchanges That Are Functionally Bankrupt”

FTX filed for bankruptcy protection in November, and hundreds of thousands of customers had their funds frozen on the exchange. US prosecutors charged former CEO Sam Bankman-Fried last week with fraud and money laundering. Siemer said that it is not possible for the troubles to end here:

“Our expectation is that there are probably loads of other, some even top 10, exchanges that are functionally bankrupt. And we sit and wait to see when they explode.”

Siemer said that Wave Financial’s risk-focused approach has helped the firm maintain a strong balance sheet in the crypto bear market and is now using it to collect distressed assets.

The asset manager was among bidders for the assets of insolvent crypto exchange Voyager Digital, which filed for bankruptcy in July. Wave also recently announced its intention to acquire Swiss-based investment firm Criptonite Asset Management.

Siemer said the following on the subject:

“We made offers to two companies last week. I mentioned that we completed a purchase a few months ago, which is pretty tedious, not like bankruptcy, but it’s running out of money. We probably tend to bid on three more companies, prices are really affordable in crypto.”

*Not investment advice.

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