Crypto Venture Fund Sino Global Capital Discloses Mid-Seven Figure Exposure to FTX, Deeply Regrets “Misplaced Trust”

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• Sino Global Capital disclosed on Monday a “mid-seven figure” exposure to defunct crypto exchange FTX.
• The company said it “deeply regrets [the] misplaced trust” it put in FTX.
• Despite the exposure to FTX, Sino Global continues to work smoothly.
• The firm had established a crypto fund with FTX that put large sums of money into Solana and its ecosystem projects like Serum.

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 Solana and its ecosystem projects like Serum, of which FTX founder Sam Bankman-Fried was a big proponent.

Bankman-Fried and Alameda Research, his crypto trading firm that has allegedly used FTX customers’ deposits and is now also defunct, are listed among “direct owners” of the fund.

Sino Global, which, according to its website, had investments both in FTX.com and FTX US, said that it invested in FTX equity “prior to the launch of our fund, and we did not invest any LP capital into FTX.” The company said that despite the blowup of FTX, it continues to believe in blockchain technology.

“Today, our industry is hurting. There is a long road to recovery ahead, and we have faith that the community will once again evolve. Our thesis has not changed – we believe blockchain technology to be the most important innovation since the advent of the internet,” the firm concluded.

On the Flipside

• The exact amount of money Sino Global holds on FTX is unknown.
• It appears that Sino Global had a closer relationship with FTX than other venture funds or investors. It’s unclear how deeply it is affected by the FTX debacle.

Why You Should Care

Sino Global Capital is a significant player in the crypto venture capital market. The mid-seven figures it holds on FTX, together with its early investment in the failed company, might have a big impact on its current and future operations.

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