Now it’s certain: Sam Bankman-Fried has five subsidiaries in Pfäffikon SZ.
The bankruptcy of the crypto exchange FTX is keeping the entire crypto industry busy. Now it turns out: FTX boss Sam Bankman-Fried (SBF, 30) also has his fingers in Switzerland!
The five subsidiaries of FTX are registered in Pfäffikon SZ on Churerstrasse, according to the “Handelzeitung”. One of them is FTX Europa – with a capital of one million francs! It is the center of FTX operations in Europe, Africa and the Middle East.
All five subsidiaries in Switzerland were only established at the beginning of the year. How these companies are doing now is not known. They are listed in FTX’s bankruptcy filing. This means that they too are at risk of bankruptcy.
The Zug company is kidnapped
SBF’s billion-dollar bankruptcy has further implications for the Swiss crypto industry. The Zug company Oxygen is also running out of air, as the “Finews.ch” portal writes. Ninety-five percent – virtually all – of the oxy and MAPS tokens of the proprietary ecosystem would be located in FTX.
So the Oxy token is currently practically worthless – just like the MAPS token. “We are exploring all options to protect the MAPS and Oxy ecosystems and have hired legal counsel to support us in this process,” said a statement obtained by “Finews.ch”.
Zug is also affiliated with Alameda Research. Alameda is another SBF company.
SBF started the company to take advantage of the price differences in cryptocurrency trading between Asia and the US. Only later did he find the FTX crypto exchange. The connection between FTX and Alameda is opaque. He is said to have contributed greatly to the downfall of FTX.
More bankruptcies are expected
A bankruptcy caused by SBF could have many other consequences. “There is a threat of a domino effect, I expect hundreds of corporate bankruptcies,” says Swiss crypto-entrepreneur Olga Feldmeierová (44). Her own company, cryptocurrency trading platform Smart Valor, is undisclosed, reassured Feldmeier. Smart Valor did not cooperate with FTX. However, the growth plans are now gone.
But Bankman-Fried has his fingers in the Swiss crypto bank Seba. Alameda has provided venture capital to dozens of startups, including Seba. According to Seba’s Twitter post, Alameda held less than 1 percent of the company, according to “Finews.ch.” Seba did not trade on the FTX platform or invest in its tokens.
Switzerland now benefits from having pushed the regulation of the crypto industry in recent years compared to the US. The Swiss Financial Market Supervisory Authority (Finma) has already taken action.
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No serious exposures yet
“As a supervisory authority, we are of course interested in whether the bankruptcy of the platforms will have an impact on the supervised institutions,” says a spokesperson for Blick. Finma also asked the institutions it looked after about the exposures. “So far, we have no indication of serious exposures related to the FTX events,” it said. Oxygen, for example, does not have a license from Finma.
Meanwhile, SBF is taking to Twitter to take to Twitter. “We were cocky and careless,” he tweeted. He even contacted “Vox” journalist Kelsey Piper via Twitter to explain his billion-dollar mistake.
At the same time, SBF said it is still working to raise the funds needed to repay all its creditors. But no one really knows how to succeed.