Cryptocurrency trading startup Auros Global, which suffered a loss of $ 20 million due to the bankruptcy of the giant cryptocurrency exchange FTX, announced that it plans to continue its activities after implementing its restructuring plan. The company released a statement on its official Twitter account.
Crypto trading company Auros Global has announced that it is experiencing a liquidity problem due to the damage it caused after the FTX exchange filed for bankruptcy protection. According to the statement, although the balance sheet could be met, a cash flow problem caused a liquidity crisis. Names from the top management of the company stated that they could overcome the situation without going bankrupt after the liquidity crisis.
According to media reports, Auros Global defaulted on its crypto loan by failing to pay 2,400 Wrapped Ether (wETH), which was due on December 1st. M11 Credit, which manages the corporate loan pool at Maple Finance, shared that Auros was unable to make its $3 million principal payment.
In the statement, Auros confirmed that he was working with independent consultants outside of the current management when preparing the restructuring plan. If the restructuring is successful, the activities will continue as before. The company interprets its liquidity crisis as a “light touch”.