Samsung lost money due to the collapse of the FTX cryptocurrency exchange

The investment arm of South Korean tech giant Samsung, Samsung Next, has become another company that has reported financial losses due to the collapse of the FTX cryptocurrency exchange. Last year, the firm participated in the funding round of Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried 's brainchild and invested $ 420 million.

Samsung Next’s investment arm was founded in 2013 and is headquartered in Silicon Valley. It includes several blockchain and cryptocurrency companies. Among the crypto companies that Samsung Next has funded are Flow, Alchemy, SuperRare, CryptoKitties, Dapper Labs, and ImmuneFi. After last year’s investment in FTX, the tech giant claimed that it considers FTX to be a «breakthrough in the Web3 industry.»

Currently, Samsung Next is focusing its investments on six key areas: artificial intelligence, financial technology, healthcare, infrastructure, media technology, and blockchain. The FTX cryptocurrency exchange has become one of the tech giant’s most significant investments in recent times. Now, the company joins the list of those affected by the bankruptcy of Sam Bankman-Fried's company, which already includes BlockFi, Sequoia Capital, Temasek, Tiger Global, and Softbank.

The FTX collapse continues to affect the market, and more similar announcements from other affected companies are expected in the coming weeks. The scale of the damage has forced regulators in many countries to start working on the development of regulations to control the cryptocurrency industry.

As for the ex-head of the bankrupt crypto exchange, the search for Sam Bankman-Fried has already turned into a kind of media show — well-known cryptocurrency bloggers are flying to the Bahamas in search of sensations and opportunities to talk to the ex-head of FTX. However, Freed’s relative mediaexposure does not prevent the governments of the Bahamas and the United States from working on the possible extradition of SBF.