FTX Saga Aftermath & Solution Announcement
Nov 11, 2022
The incident of the world-leading cryptocurrency exchange FTX has significantly impacted the global market. Many crypto investment platforms and exchanges still have assets on FTX. At present, the US Securities and Exchange Commission (SEC) and the Department of Justice have started carrying out investigations into FTX. Companies troubled by this FTX saga are now taking legal action against FTX and seeking better solutions to protect their users’ rights.
This incident has partially affected Steaker Digital Asset Management Platform. Part of the funds was still kept on FTX to execute trading strategies at the time, hence unable to be withdrawn (some third-party partners operate trading strategies on FTX). Steaker has suspended all transactions on FTX and actively communicated and worked with related units to provide users with the best solutions possible.
Steaker’s Portfolios affected by the FTX crash
- Variable-Rate - 3 Months
- Variable-Rate - 6 Months
- Variable-Rate - 1 Year
- Variable-Rate - 3 Years
- Limited Fixed-Rate - 3 Months
- 9.5% USDⓢ - 1 Year
- 9% USDⓢ - 1Year
- 8% USDⓢ - 3 Months
To truly protect users’ assets and steer clear of unnecessary losses, all the above-mentioned portfolios have now been suspended. As of 2022/11/11 19:00:00 (UTC+8), the interest rate will stop being calculated, and the redemption function of the above-mentioned portfolios will be suspended as well.
Our team will take the following steps to ensure the safety of users’ assets
- Actively begin legal action against FTX
- Work with the related units to find the best way to redeem the remainder of the assets on FTX
- Deliver alternative solutions to safeguard the assets of those who are affected by the FTX incident
- Continue to upgrade the system to improve the security of the system and user transactions as scheduled
- Announce the latest news instantly
We will provide users with the latest information as soon as possible. Please pay close attention to your inbox and wait for our follow-up notification.
Steaker’s Portfolios UNAFFECTED by the FTX crash
- Fixed-Rate - 7 Days
- Fixed-Rate - 1 Month
- Fixed-Rate - 3 Months
- High-Rate - 6 Months
- Quantitative Arbitrage
- AI Smart
- Yield Farming
- 88% USDⓢ - 7 Days
- 66% USDⓢ - 7 Days
- 4% BTC - 3 Months
- 4% ETH - 3 Months
- Anchor UST
- GT Radar Mainstream
- GT Radar Innovation
The interest rate of the above “unaffected” portfolios and one’s personal Steaker Wallet will be calculated as usual. Besides, the deposit and withdrawal functions remain intact. Assets with regard to the above portfolios and Wallet can be redeemed according to the original mechanism.
This FTX black swan event is an unpredictable systemic risk, and the gravity of the situation this time has also alarmed the government and competent agencies alike. Though Steaker was unfortunately affected, in retrospect, since the beginning, we have always insisted on providing a relatively stable asset management solution and spreading the risk of capital allocation, so we chose FTX, one of the top trading platforms and the second largest cryptocurrency exchange in the world, which is in full compliance with government regulations.
All Steaker’s members of staff are deeply sorry for the temporary inconvenience caused at this time. Yet our top priority, for the time being, is to guarantee the safety and security of the assets of Steaker’s users. Users’ digital asset security is our primary concern! Our team is working to ensure that our safety technologies and systems are top-notch, cooperating closely with the government and partnering with the state-of-the-art custodian - CYBAVO - to allocate SAFU to users on a regular basis.
For now, our team will keep following up on this event closely and take legal action against FTX if needs be, collaborating with the related units to redeem the remainder of the assets. Also, we will design follow-up security measures to ensure asset safety in the future. We will continue to disclose our progress to users via email, so please do pay attention to your inbox and the related updates thereof.