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CoinShares Sees 2022 Income Plunge 97% to $3.6M

European digital asset manager CoinShares (CS.ST) recorded total comprehensive income of GBP 3 million ($3.63 million) in 2022, down 97% compared to 2021, as the firm felt the pinch of FTX's collapse and its ramifications across the crypto industry.

A particularly trying Q4, coinciding with FTX's bankruptcy, saw CoinShares record losses of GBP 37 million to finish the year in the black to the tune of just over GBP 3 million. The firm recorded income of GBP 113.4 million in 2021.

CoinShares said it had GBP 26 million of its assets on FTX at the time the crypto exchange halted withdrawals. Sam Bankman-Fried's exchange collapsed in November, filing for bankruptcy and owing its top 50 creditors a combined $3.1 billion.

(By Jamie Crawley)

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