Taiwanese financial platform Steaker loses $10.67 million worth of tokens, seeks legal action against FTX for clients

After Taiwan's cryptocurrency financial platform Steaker announced that some of its schemes were affected, it disclosed today, 13th, in a statement, its exposure on FTX, which is approximately equivalent to $10.67 million in tokens.

Steaker Announces Amount and Reason

Steaker stated that the total exposure position on the FTX platform is $10,669,129 equivalent tokens, accompanied by a screen recording of the institutional account left by the team before the FTX API/APP was closed to prove this.

Steaker stated: "The affected program, namely the above exposure position, requires funds to be placed in FTX for the operation strategy, leading to the inability to withdraw funds before its withdrawal function was suspended."

Affected Steaker Programs

• Floating Rate Plan - 3 months: FTX
• Floating Rate Plan - 6 months: FTX
• Floating Rate Plan - 1 year: FTX
• Floating Rate Plan - 3 years: FTX
• Fixed Rate Limited Edition - 3 months: FTX
• 9.5% USDⓢ - 1 year: FTX
• 9% USDⓢ - 1 year: FTX
• 8% USDⓢ - 3 months: FTX

For unaffected programs, please see here

Steaker Progress Update 11/15

The announcement stated:

• Taking legal actions against FTX: Actively consulting legal experts around the world to discuss how to take effective follow-up actions in the various jurisdictions involved in the FTX incident.
• Collaborating with relevant parties to seek the best way to redeem funds: 1. The exit path of Huobi Binance Chain series tokens is being evaluated for excessive slippage. 2. Researching the possibility of commissioning other entities for withdrawals, actively seeking suitable candidates, but still in the negotiation and evaluation phase due to high risks.
• Emergency disposal plan to protect affected users: Steaker is devising an emergency disposal plan for users affected by this incident. The team is currently discussing the subsequent process with lawyers and will individually contact users from 2022/11/14 to 2022/11/18 next week to explain the emergency disposal plan in detail. Users are advised to pay attention to their personal email inbox.

Steaker deeply apologizes for the many impacts caused by this incident. Since the incident, we have focused on actively handling business, communicating and cooperating with multiple parties, and taking legal actions against FTX to sanction them. Once again, we thank all users for their understanding and trust. We will continue to stand with everyone to overcome this difficulty.

11/15 Update: Applied for the Binance Industry Recovery Fund

11/17 Fundraising, negotiating with FTX creditors group

Review of Steaker Terms of Use: No Class Action, Force Majeure

Victims of Steaker who are not satisfied with the statement "taking legal actions against FTX for all users" may refer to the Steaker Terms of Use to protect their own rights.