Crypto trading firm QCP Capital has at least $97 million stuck on FTX: Sources

Quick Take

  • QCP Capital has at least $97 million stuck on collapsed crypto exchange FTX, sources with knowledge of the matter told The Block.
  • The Singapore-based crypto trading firm has been trying to sell its claim to distressed asset buyers, the sources said. 

QCP Capital, a crypto trading firm based in Singapore, has at least $97 million stuck on FTX after the crypto exchange filed for bankruptcy last month.

In an effort to recoup some cash, QCP is attempting to sell a claim on the frozen funds to distressed asset buyers, two sources with knowledge of the matter told The Block.

Last month, QCP said it has exposure to FTX but did not disclose the amount. The firm at the time said it had active trading positions on FTX and was able to withdraw "a substantial amount of assets" while leaving some stuck. 

"We have sufficient equity to absorb the impairment from the position," a QCP spokesperson said, while declining to comment on the value of the frozen funds. "The impairment does not impact our clients nor our counterparties. Withdrawals remain open and trading continues as usual. Our business remains profitable and healthy."

QCP Capital operates a 24/7 trading desk with a focus on crypto derivatives. The firm, which also engages in proprietary trading and offers market-making services, says it has handled trades worth nearly $38 billion so far this year. QCP is currently an exempt payment services provider pending licensing from the Monetary Authority of Singapore as a major payments institution providing crypto services.


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QCP is one of many companies to fall afoul of FTX's sudden collapse. Multicoin Capital, Genesis Block HK and Galois Capital reportedly all also have funds stuck on the exchange. The impact on Genesis Block HK was so significant that the firm shut down its over-the-counter trading business last week after nearly 10 years.

FTX contagion

Contagion from the implosion of FTX has spread far and wide in the crypto world. FTX filed for bankruptcy protection on Nov. 11, leaving about 1 million creditors in the lurch. The exchange owes its top 50 creditors alone $3.1 billion, according to court filings.

Some FTX creditors have already sold their claims at knock-down prices to avoid a likely years-long bankruptcy process, as The Block reported last week. Apollo Global Management and Attestor are among the distressed asset investors to have held conversations about snapping up FTX claims. Thomas Braziel's 507 Capital has already purchased several claims from hedge funds for cents on the dollar. 

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Authors

Benjamin Robertson is senior newsletter writer at The Block, based in Oxford. He covers global crypto policy and regulation news. Before joining, he worked at Bloomberg News where he wrote about crypto, regulation and finance in Hong Kong, and later reported on private equity and asset management in London. Get in touch via email at [email protected] or on Twitter at @BMMRobertson
Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.


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