The saga continues from the FTX fallout. Another day, another realization in the cryptocurrency world of who’s been affected. While Crypto.com’s yet to explain the cancellation of the $60K Bitcoin Bonus to fighters, now another MMA legend is in the tango. CCO has discovered that Tiger.Trade (TT), a crypto-exchange endorsed by Conor McGregor, was exposed to FTX.
Tiger.Trade Used FTX For Trading Cryptos
Tiger trade is a Baar, Switzerland based crypto-exchange. Founded in February 2015, it’s a privately held company. The actual founder has been elusive of the web thus far, but that may soon change.
As recently as September the CeX was promoted as working with other exchanges such as FTX, Binance, and BitMex.
On FTX.com, the affiliation is confirmed. The now bankrupt exchange claims TT was only a partner through integration and they held no responsibility for their partners.
Less than 3 months later, Tiger.Trade’s fees paid to associate with FTX are valueless. And additionally, clients that may have gotten funds on-ramped to Sam Bankman-Fried’s exchange from TT, potentially lost that money.
Conor McGregor Endorsement
The Switzerland-based exchange states it has over 182,000 users on their exchange currently. A large chunk of those users came from a promotional round featuring MMA fight legend, Conor McGregor. The Irish-man was ordained an official ambassador of the cryptocurrency and assets exchange.
The fighter first tweeted a video promoting the exchange on September 12, 2022. The single tweet racked up over 62,500 likes and 3639 retweets. The promotional video itself had nearly 24-million views. The endorsement was a huge success for Tiger Trade.
Unfortunately for the exchange, FTX ran with the funds and cryptocurrencies they held just a few months later.
The exact terms of business between Tiger.Trade and FTX are not known. A proof of reserves (PoR) or PoA is surely needed for users of the exchange at this point.
By the end of September, McGregor also made a deal with a second exchange. He signed another endorsement deal to do acting in a commercial for XTB international, another European asset exchange.
Potential Lawsuits
This could be a devastating blow for McGregor as lawsuits are mounting celebrities who endorsed crypto-products associated with FTX. Kim Kardshian, NBA teams, Tom Brady, the City of Miami, and many more are suffering from the backlash of Sam Bankman-Fried $32-billion-dollar fraud company.
TT could also end up at the end of a group of lawsuits if clients funds were lost. However, there is no confirmation of this yet.
Exclusive news by Crypto Coin Opps; A writer from our blog has e-mailed Tiger Trade to get an official response with details on exposure and loss that may have occurred.
