Amber Group Compilation | Insider Reveals: Rumors suggest WhaleFin's situation is just the tip of the iceberg, CeFi may not be safe.

The well-known cryptocurrency group Amber Group is facing a crisis with its financial product WhaleFin, and another institutional product, AmberFin, will also operate independently from the parent company. According to sources, the leaked information is just the tip of the iceberg. The following is a summary of the news:

Warning: This information is disclosed by anonymous sources and has not been confirmed by the management of Amber Group, it is provided for reference only.

Update: 20:39 Amber Group has responded: Amber Group states that all operations with WhaleFin are normal.

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Layoffs Again, Severance Pay Not Disbursed as Scheduled

According to Chinese media reports, after two rounds of layoffs in September and November, Amber Group now has 800 employees left, with some not receiving their severance pay as scheduled. Amber Group responded that due to delays in foreign exchange quotas, they are in the process of liquidating assets to raise funds.

WhaleFin Suffers Long-Term Losses, FTX Impact Exceeds Sixty Million Dollars

As reported by Chinese media, the financial product WhaleFin has been experiencing long-term losses, exacerbated by FTX's exposure exceeding sixty million dollars.

Amber Group's Financing Fails, Continuous Valuation Reduction

According to Chinese media reports, Amber Group's financing at a valuation of 10 billion U.S. dollars failed, and they then attempted financing at a valuation of 30 billion U.S. dollars, which also did not materialize.

Insiders Reveal: Concerns May Affect Parent Company, CeFi Struggles to Find Safe Haven

Insiders have indicated, "The current situation with WhaleFin is just the tip of the iceberg and may even affect Amber Group itself."

They believe that the impact of FTX exchange and institutional conditions is far-reaching. They even stated, "There is currently no safe CeFi, please ensure proper risk management."

Co-Founder's Recent Passing Announced

The co-founder Tiantian Kullander, aged only 30, passed away on 11/25. It was reported that Tiantian Kullander passed away in his sleep on 11/23, with no detailed explanation provided, and Amber Group's website displayed a tribute in black and white.

Challenges in Mid-November, Lengthy Statement on Company's Stability

In mid-November, AmberGroup faced scrutiny over DeFi credit lending possibly facing liquidation, but later Clearpool's 470,000 U.S. dollars and Maple's 7 million U.S. dollars were both repaid.

At that time, AmberGroup stated that their exposure to FTX was low and their risk management remained strong: "We are not exposed to Alameda or FTT. However, like most trading firms, we have many transactions on FTX. Although we have reduced our exposure significantly in the past few weeks, some withdrawals have not been processed."

Given the current situation of FTX's bankruptcy reorganization, the funds described by AmberGroup at that time are likely unrecoverable.

Genesis Sparks Next Storm?

Losses from the lending relationship between Genesis, a lending institution under the DCG group, and Alameda are increasing, impacting the revenue products of U.S. compliant exchange Gemini and the revenue products of compliant stablecoin issuer Circle. Note: Tether criticizes the relationship between DCG, Circle, and FTX.

Whether AmberGroup is facing a crisis due to related events remains to be revealed.

AmberGroup's Last Post Nearly a Month Ago, Chinese Community Closed, English Community Muted

While AmberGroup's Twitter account has not been very active, with posts ranging from 3 days to half a month apart, the last post was on 11/15, almost a month ago. Following today's media reports, AmberGroup has closed the Chinese communication Telegram community and muted the English Telegram community, raising suspicions.

Just after AmberGroup sponsored the "FTX Disaster Relief Event" and criticized SBF, they may now be facing their own crisis.

Next Stop: Nexo?

Currently, the only well-known CeFi company remaining is Nexo, and there are indications in the community that the crisis may spread to this last surviving lending and financial management company.

They recently penned an article on 11/29 explaining their business model and how it differs from other bankrupt platforms. While they continuously mention risk control strategies and admit to running a hedge fund that arbitrage with retail funds.