Crypto Investment Update – Tokenize Exchange on FTX Saga

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2022/11/14/crypto-investment-update-tokenize-exchange-on-ftx-saga/

With regards to the FTX Saga, Tokenize Exchange had made an official announcement this morning (14 November 2022) through their Telegram channel:

Their full statement can be found here:
https://tokenize.exchange/blog/article/statement-on-recent-crypto-exchange-liquidity-issues

In this announcement, Tokenize Exchange listed the following points to assure users:

1. They have no exposure to FTT (FTX token) nor outstanding loans to FTX.
2. They have a dedicated risk team to continually access their financial health.
3. Their proprietary token TKX is not used as collateral for loans and has no exposure to debt.
4. They communicate and ensure compliance with MAS and financial regulators in Asia.

Personally I'm glad that Tokenize Exchange made the effort to assure users of their financial standing in view of the FTX Saga. It gave me some level of comfort and confidence in keeping my entire crypto portfolio with them.

I am well aware of the single exchange concentration risk that I am facing. A few friends had already advised me to withdraw my crypto holdings to cold wallet. But frankly the capital I invested in my crypto portfolio is pretty small, that would be spread too thin if I diversify into multiple exchanges to mitigate concentration risk. After all, I am prepared to lose it all when I set foot in this journey.