According to reports, a famous crypto investment firm, the ‘Amber Group’ is now trying to raise new funds under its new ‘series-c program’ to cope with the recent ‘FTX breakdown.’
The ‘Amber Group, a crypto trading firm, is also heavily affected by the ‘FTX breakdown’ that occurred this year.
As per the firm’s financial reports, about ten percent of the total crypto-trading was taking place through the FTX platform. As a result, there was a significant economic loss for the firm.
A Chinese-based blockchain investment company named ‘Fenbushi’ is set to help ‘Amber Group’ acquire funds to continue its core business operations while shutting down most non-business or non-core business-related activities.
Amber Group has also decided to start a new program named the ‘Series-C’ program, which is aimed at acquiring a total of three hundred million dollars in funding compared to the previous program called ‘Series-B.’
Before the breakdown, the ‘Series-B’ program was aimed at acquiring about a hundred million dollars from crypto-treading by the beginning of 2023, but as a result of the crash, it has only been able to gather about half of the target money by December of this year.
How Is ‘Amber Group’ Recovering From ‘FTX Breakdown’?
As per the financial reports from, ‘Amber Group’ it is pretty clear that the crypto trading firm is now working with a famous Chinese-based blockchain investment firm named ‘Fanbushi.’
With the help of ‘Fanbushi,’ the firm plans to focus only on the ‘core business’ model and, for the time being, shut off other business activities.
Reports also suggest that the financial help from ‘Fanbushi’ is to cope with ‘specific breakdowns’ faced by ‘Amber Group’ after FTX declared bankruptcy in November of this year.
Amber Group is also said to have lost nearly ten percent of its total trading value with the ‘FTX breakdown,’ as almost ten percent of the total trade was happening on that platform during the breakdown.
The crypto trading firm had also announced that it has decided to scrap any near-future plans regarding expansion in the United States or European countries following the severe ‘FTX breakdown’ of November 2022.
‘Amber Group’ also has made several announcements stating that it had to take the hard decision of laying off some of the most excellent employees in the firm to cope with the recent economic losses.
As per a report, ‘Amber Group’ is said to have laid-off nearly forty percent of the total employees between September and December of this year.
Interestingly, even after the big hit on crypto-currency, ‘Amber Group’ continues to be one of the growing crypto-trading firms in the world. The crypto firm has recently taken over a Singapore-based crypto-trading company named ‘Sparrow Holdings.’
Although the total amount of the money needed for ‘Sparrow Holding’ is yet to be released by ‘Amber Group,’ it is pretty clear that the firm has not yet given up all of its desire to grow, even at a time when ‘FTX’ has declared bankruptcy.
What Happened To ‘FTX’?
FTX is one of the world’s largest cryptocurrency exchanges in the United States. It was previously responsible for nearly all of the crypto-trading which took place worldwide. Still, unfortunately, on November 11th of this year, the company declared bankruptcy.
As a direct result of ‘FTX’ declaring bankruptcy, a huge uproar was seen in the crypto world as many investors lost their investments overnight, and many firms had to close down entirely after facing irreparable economic loss.
The ‘FTX breakdown’ occurred after a document was leaked on the famous crypto news site CoinDesk.’ The document stated that the US-based crypto trading platform ‘FTX’ was indulging in several risky loans to create profits from its ‘FTT’ shares.
As an aftermath of the information leak, one of the company’s largest FTT shareholders, Binance, decided to sell most of its holdings. As a result, causing a massive sell-off of the shares in the crypto market.
The event finally led to the crash of the ‘FTX values, and the CEO of ‘FTX’ Sam Bankman-Fried, declared bankruptcy.
Harry Aston is a technology writer with a Master’s in Computer Science from MIT. He has over 5 years experience simplifying complex tech topics like AI. His writing makes emerging technologies accessible for mainstream readers. Harry aims to educate people on AI’s potential to improve society.