Crypto venture fund Sino Global Capital has revealed a “mid-seven figure” exposure to defunct exchange FTX.
In a statement posted on Twitter, Sino Global said it “deeply regrets [the] misplaced trust” it put in the now-bankrupt exchange after revelations that it used billions of dollars in customer funds to place risky bets.
The firm said that despite having held mid-seven figures in custody on FTX, the company is functioning “as normal and continues to invest as a fund.”
“The focus of our current fund has been infrastructure and gaming. Fund investments have been balanced across ecosystems, and we do not employ leverage or short-term trading strategies,” the statement said.
Based in Nassau, the Bahamas, the same location FTX was headquartered, Sino Global was one of the earliest investors in FTX. The firm, in partnership with FTX, launched “Liquid Value Fund 1” in January 2022.
The fund invested heavily in…
