1 year ago
South Korean speech Gopax needs to repay customers astir $471 cardinal successful deposits locked up successful Genesis Trading — which could beryllium mislaid if Binance acquisition falls through.
Binance reportedly completed owed diligence for the acquisition of Gopax connected Jan. 2, and purchased a involvement successful Gopax’s largest shareholder, Lee Jun-hang, who owns 41.2% of the company.
According to Chosun connected Jan. 6, Gopax is facing a shortfall of 600 cardinal won (approximately $471 million) from its deposits successful Genesis Trading. The funds were reportedly locked successful Genesis, earlier it suspended redemption connected Nov. 16, 2022, owed to the FTX fallout.
However, chances of redeeming the funds locked successful Genesis are decreasing arsenic the crypto lender is reportedly looking to record for bankruptcy.
“If the negotiations for Binance’s acquisition of Gopax shares fail, determination is simply a precocious anticipation that the harm to GoFi investors volition go a reality.”
The station Gopax investors could look $471M nonaccomplishment if Binance acquisition fails appeared archetypal connected CryptoSlate.
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