Aftermath of FTX implosion: Mercedes, And Canadians Teachers

The implosion of the cryptocurrency exchange FTX has widespread implications from the Bahamas to Canada.

Mercedes

Some partners are holding their breath to see how things pan out. Mercedes, which signed a sponsorship deal with FTX in September 2021, said on Thursday that they were keeping the branding of cryptocurrency exchange FTX on their cars at this weekend’s Sao Paulo Grand Prix in Brazil while watching developments as reported by Reuters.

Ontario Teachers Pension Plan

The Ontario Teachers Pension Plan is the latest to come to the fore this week, in the aftermath of the FTX debacle, as it released a statement this week disclosing it had made a $75 million investment in both FTX International and its U.S. entity FTX.US. The fund later made an additional investment of $20 million in FTX.US.

Securities Commission of the Bahamas

Things seem to be advancing from bad to worse for the already beleaguered exchange, FTX, and customers with funds on the platform, with news of the Securities Commission of the Bahamas freezing the assets of FTX digital markets and applying to the Supreme Court for the appointment of a provisional liquidator of FTX.

“Since the unfolding of events involving FTX Digital MArkest (FDM), the Commission has proactively dealt with the situation and continues to do so. The Commission determined that the prudent course of action was to put FDM into provisional liquidation to preserve assets and stabilize the company,” said the commission in their official press release.

Other early-stage investors were also burned after Sequoia capital announced via a tweet that it was marking its investment of $214 million in FTX to zero, as earlier reported by The Crypto basic.

With the battle exchange racing to raise capital to plug the rumored $9.4billion hole, there might be hope that customers could be made whole again.