BitNile announced that it expects to have no exposure directly or through any of its subsidiaries or business units related to the collapsed cryptocurrency exchange FTX Trading Limited. Moreover, the Company states that its Bitcoin holdings are secured in custodial wallets that the Company believes mitigates the risk of loss similar to those from the FTX disruption. Milton "Todd" Ault, III, the Company’s Executive Chairman, stated, "Other than the very difficult market conditions for Bitcoin in recent days, BitNile and its subsidiaries have not been disrupted by recent bankruptcies of industry participants. BitNile plans to continue to operate its Bitcoin mining operations and strive to fulfill its goals as previously outlined."
Published first on TheFly
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