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Home»News»Auros, the Crypto Company, Goes Bust Thanks to FTX
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Auros, the Crypto Company, Goes Bust Thanks to FTX

Saheel KhirodkarBy Saheel KhirodkarDecember 21, 2022Updated:December 21, 20221 Comment2 Mins Read
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  • The FTX fiasco cost Auros $20 million in an exposure.
  • In order to meet lender recalls, the company found itself in a situation where immediate liquidity was insufficient.

In an effort to restructure its outstanding debt to lenders, the troubled international cryptocurrency trading company Auros Global disclosed on December 21 that a British Virgin Islands court had granted it a request for a Provisional Liquidation in November.

Yesterday (20 December), Auros claimed on Twitter that the decision was influenced by the circumstances surrounding the collapse of the cryptocurrency exchange FTX in November.

In order to meet lender recalls, the company found itself in a situation where immediate liquidity was insufficient. The board of directors and management continued to be upbeat about the future of the business.

The court order permits a restructuring mechanism in which the existing management can carry on business as Authorized Managers while a restructuring plan is developed, all under the supervision of an outside advisory firm.

Interpath Advisory serves as the firm’s supervisor. Auros’ operations are expected to resume normally following the successful implementation of the restructuring.

$20 million exposure

OffshoreAlert, a provider of financial intelligence, claims that Auros lost $20 million as a result of the FTX fiasco. Additionally, it mentioned that on November 16th, Auros Global Ltd. filed for provisional liquidation. But on November 23, the court agreed to the request.

The liquidity issues at Auros spread to lenders because the troubled trading company has about $20 million in outstanding loans from credit pools on Maple Finance and Clearpool.

On November 30, M11 Credit announced on Twitter that Auros Global had defaulted on a $3 million loan due to a lack of immediate liquidity.

Notably, Auros did not pay back $17.7 million in loans from credit pools that were wrapped ether (wETH) and managed by Maple’s M11 Credit for the USDC stablecoin.

Auros Global is one of the increasing number of businesses having trouble since FTX’s demise. FTX and a number of other businesses run by Sam Bankman-Fried filed for Chapter 11 bankruptcy on November 11.

Auros FTX Liquidation
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Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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