Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
Toll Free: 888-419-7136
Secure Private Ordering
We use the latest online security processing, so your order is safe & private. We DO NOT disclose any customer information to ANY third party company. Our customer privacy is our priority.
Over 30 Years Experience
Park Avenue has over 30 years experience buying and selling Rare Coin and Precious Metals. We have the knowledge and ability to provide our customers with the best products and services.
11.22.22 - Will this be worse than Lehman?
Gold last traded at $1,739 an ounce. Silver at $21.07 an ounce.
Financial Times--Hedge funds have billions of dollars stuck on failed cryptocurrency exchange FTX and could face years of waiting to recover anything at all from a marketplace they once believed to be one of the industry's most reliable bets.
In a situation reminiscent of Lehman Brothers in 2008, which left billions of dollars of hedge funds' assets trapped for years, investors who traded on the Bahamas-based exchange have found themselves among the thousands of creditors in a highly complex bankruptcy.
The sudden failure this month of FTX, valued at $32bn this year, has shocked investors who backed it and traders who used it. Legal filings on Sunday revealed that FTX owes its 50 largest creditors, likely to include a wide variety of hedge funds, more traditional asset managers and other traders, more than $3bn.
"I lost my investors' money after they put faith in me to manage risk and I am truly sorry for that," tweeted Travis Kling, founder of Ikigai Asset Management, which has a "large majority" of its hedge fund's assets stuck on FTX. "I have publicly endorsed FTX many times," he added. "I was wrong." Crypto-focused hedge funds have direct exposure to FTX Group or to FTT, FTX's own digital token which it promoted to incentivise more trading on its main exchange, of around $2bn, according to data group Crypto Fund Research