The crisis caused by the bankruptcy of FTX also affected French investors deeply. Coinhouse and Coin Trading platform customers are among the victims.
The collateral damage of the fall of the FTX empire was felt more on French territory. On November 16, Grégory Guittard, publishing director of the Journal du Coin, confirmed in social networks the debacle of Trading du Coin, an Estonian trading company close to the French publication (the two entities are business partners and share shareholders), whose clients reportedly lost tens of millions of euros. The service actually rents an automated trading solution for FTX. However, customers were unable to withdraw their funds from the platform built by Sam Bankman-Fried in time. In addition, Coin Trading also offers a wealth management formula: the losses of this client will represent half of the ten million euros mentioned, according to our colleagues from The Big Whale.
“The partnership between Nortia and Coinhouse is not in question”
At the same time, the French platform Coinhouse has also caused concern since the announcement on November 17 of the suspension of its crypto passbook services, due to the default of one of its counterparts in Genesis, victim of the FTX default. . Six days ago, the leader of Coinhouse, Nicolas Louvet, nevertheless made reassuring words. Asked by JDN about this confusion, Coinhouse defended itself: “We did not misunderstand, the context changed and we adapted accordingly. We communicated that we will bear the impact of the failure of FTX, even though crypto-assets are subject to specific counterparty risks. We were informed on Wednesday afternoon, November 16 that this bankruptcy is now affecting other counterparties in our savings accounts. We have no choice but to note the default of these counterparties, and their inability to return it. hold the crypto-assets entrusted to them, forcing us to suspend withdrawals from savings accounts as well as, as a precaution, investments For now, Coinhouse refuses to discuss the amount of the damage due to “changing parameters”.
In social networks, Nicolas Louvet reduced this Thursday, November 24 the impact of this situation by qualifying this offer of booklets of “minor and isolated activity”. Coincidentally, the day before the suspension of this service, Coinhouse announced a partnership with Nortia, a wealth management solutions platform, to provide management advisors and their clients with this class. of the investment product. According to PSAN, this association is “not questioned”.