Taiwanese company FTX in trouble | Founder Huang Weixuan: XY Finance trapped with two million but unaffected, Steaker users partially affected

According to reports, major exchange operators in Taiwan have responded to the risks associated with FTX and Alameda, stating that they are not affected. Only MAX exchange has disclosed being "trapped" with $260,000, but claims it will not affect operations. In addition, Taiwan's well-known cross-chain aggregator protocol XY Finance and financial platform Steaker founder Wilson Huang Wei-xuan, have also been affected by the FTX incident with XY Finance, but the financial platform Steaker has been partially affected.

XY Finance to Investors: $2 Million Locked, $3.2 Million Available Assets

XY Finance sent a message to investors on 11/10, stating that $2 million worth of digital assets are locked due to the FTX incident, including $1.9 million USDC, 2,138,218 TRX, 43,831 YGG, and 4,000 APE. The funds were mainly used for payroll and other operational expenses. Despite the $2 million being locked, XY Finance still has $3.2 million in available assets in the treasury, sufficient for two years of operation.

XY Finance also emphasized that they have no debt relationship with FTX or Alameda, and did not use assets for speculation. In the future, they will strengthen risk management and focus on product planning.

Steaker Users Partially Affected

Some Steaker plans were also affected by the FTX incident, but the official statement mentioned that if the FTX issue is resolved smoothly, the impact will not be permanent. Steaker emphasized that they will not shut down the platform. Steaker stated: "This FTX black swan event was an unforeseeable systemic risk, and Steaker was unfortunately affected. However, looking back, we adhered to the idea of providing relatively stable asset management solutions and diversifying fund allocation, hence choosing FTX, the world's second-largest cryptocurrency exchange, as one of our trading platforms."

Details of affected and unaffected plans can be found here:

Affected Steaker Plans

• Floating rate plan - 3 months
• Floating rate plan - 6 months
• Floating rate plan - 1 year
• Floating rate plan - 3 years
• Limited edition fixed rate - 3 months
• 9.5% USDⓢ - 1 year
• 9% USDⓢ - 1 year
• 8% USDⓢ - 3 months

To safeguard user assets, the above plans have been fully suspended from trading to further clarify and discuss more comprehensive user rights protection plans. Interest calculation will cease from 2022/11/11 19:00:00 (UTC+8), and the redemption function of the above plans is also temporarily suspended.

Unaffected Steaker Plans

• Fixed rate plan - 7 days
• Fixed rate plan - 1 month
• Fixed rate plan - 3 months
• High yield plan - 6 months
• Quantitative arbitrage plan
• AI intelligent plan
• DeFi farming plan
• 88% USDⓢ - 7 days
• 66% USDⓢ - 7 days
• 4% BTC - 3 months
• 4% ETH - 3 months
• Anchor UST
• GT Radar mainstream portfolio plan
• GT Radar innovative portfolio plan

Interest on the unaffected plans and Steaker personal wallet will be calculated as usual, deposit and withdrawal functions operate normally, and redemptions can be made according to the original agreement.