Gopax investors could face $471M loss if Binance acquisition fails

Share This Post

South Korean exchange Gopax needs to repay customers roughly $471 million in deposits locked up in Genesis Trading — which could be lost if Binance acquisition falls through.

Binance reportedly completed due diligence for the acquisition of Gopax on Jan. 2, and purchased a stake in Gopax’s largest shareholder, Lee Jun-hang, who owns 41.2% of the company.

According to Chosun on Jan. 6, Gopax is facing a shortfall of 600 billion won (approximately $471 million) from its deposits in Genesis Trading. The funds were reportedly locked in Genesis, before it suspended redemption on Nov. 16, 2022, due to the FTX fallout.

However, chances of redeeming the funds locked in Genesis are decreasing as the crypto lender is reportedly looking to file for bankruptcy.

“If the negotiations for Binance’s acquisition of Gopax shares fail, there is a high possibility that the damage to GoFi investors will become a reality.”

The post Gopax investors could face $471M loss if Binance acquisition fails appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Trump nominates pro-Bitcoin lawmaker Matt Gaetz to serve as US attorney general

US President-elect Donald Trump is continuing to shape his administration with pro-crypto figures by nominating Bitcoin-friendly Congressman Matt Gaetz as Attorney General On Nov 13, Trump

Experts Say Dogen Could Outperform Dogecoin and PEPE in 2024 — Here’s How

Market experts predict that Dogen may surpass popular cryptocurrencies like Dogecoin and PEPE in 2024 This unexpected projection has caught the attention of investors and traders alike What factors

Could Dogen Hit $1 Before Dogecoin and Shiba Inu? Analysts Say 10,000% Gains Are Possible

A new contender is making waves in the cryptocurrency arena, with experts speculating on its potential to outperform established names Dogen, an emerging digital coin, is attracting attention amid

Crypto Millionaire Reveals His Top Picks for 1,000x Gains by 2025

A prominent cryptocurrency investor is sharing his latest insights into digital assets that could skyrocket in value by 2025 With a track record of identifying winning investments, his new

XRP Holders Are Switching to CYBRO as Experts Predict 8,500% Returns

A new wave is sweeping through the crypto world as investors shift focus to an emerging digital asset Predictions of staggering 8,500% returns have caught the eye of those who once backed XRP The

Dogecoin (DOGE) Price Forecast: What Past Performance Says About DOGE in November

Closing October with its second-highest monthly gains in that month since 2014, Dogecoin (DOGE) has lately exhibited amazing momentum Now in November, investors anticipate the upward trend will