the butterfly effect of FTX continues in France

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Cryptos: FTX's butterfly effect continues in France

The crisis caused by the bankruptcy of FTX also affects French investors closely. Customers of the Coinhouse platform and Coin Trading are among the victims.

The collateral damage of the fall of the FTX empire is increasingly being felt on French soil. On November 16, Grégory Guittard, publishing director of Journal du Coin, confirmed on social networks the debacle of Trading du Coin, an Estonian trading company close to the French publication (the two entities are business partners and shareholders), whose clients reportedly lost about ten million euros. Indeed, the service hired an automated trading solution for FTX. However, customers failed to withdraw their funds on time from the platform founded by Sam Bankman-Fried. In addition, Coin Trading also offered an asset management formula: the losses of this clientele would represent half of the said ten million euros, according to our colleagues at The Big Whale.

‘The cooperation between Nortia and Coinhouse is not under discussion’

At the same time, French platform Coinhouse has also been raising concerns since November 17 announcing the suspension of its crypto passbook services due to the default of one of its Genesis counterparties, victim of FTX default. . Six days earlierNevertheless, Coinhouse leader Nicolas Louvet made reassuring remarks. Asked by the JDN about this confusion, Coinhouse defends: “We have not misunderstood, the context is changing and we are adapting accordingly. We communicated that we would bear the impact of the failure of FTX even if crypto- assets are subject to the specific risks of the counterparties. On the afternoon of Wednesday, November 16, we were informed that this bankruptcy now also affects other counterparties in our savings accounts. We had no choice but the default of these counterparties and their inability to act on this staging the crypto assets entrusted to them, which forces us to suspend withdrawals from the savings accounts, as well as, as a precaution, investments For now, Coinhouse refuses to name the amount of the damage due to “still changing parameters”.

On social networks, this Thursday, November 24, Nicolas Louvet minimized the impact of this situation by qualifying this offer of booklets of “small and isolated activity”. Coincidentally, the day before the suspension of this service, Coinhouse announced a partnership with wealth management solutions platform Nortia to provide this type of investment product to management advisors and their clients. According to the PSAN, this association is “not questioned”.

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