{"id":9609,"date":"2023-01-06T15:02:13","date_gmt":"2023-01-06T15:02:13","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=9609"},"modified":"2023-01-06T15:02:14","modified_gmt":"2023-01-06T15:02:14","slug":"gopax-investors-could-face-471m-loss-if-binance-acquisition-fails","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9609","title":{"rendered":"Gopax investors could face $471M loss if Binance acquisition fails"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n   <\/p>\n<p>South Korean exchange Gopax needs to repay customers roughly $471 million in deposits locked up in Genesis Trading \u2014 which could be lost if Binance acquisition falls through.<\/p>\n<p>Binance reportedly completed due diligence for the acquisition of Gopax on Jan. 2, and purchased a stake in Gopax\u2019s largest shareholder, Lee Jun-hang, who owns 41.2% of the company.<\/p>\n<p>According to Chosun on Jan. 6, Gopax is facing a shortfall of 600 billion won (approximately $471 million) from its deposits in Genesis Trading. The funds were reportedly locked in Genesis, before it suspended redemption on Nov. 16, 2022, due to the FTX fallout.<\/p>\n<p>However, chances of redeeming the funds locked in Genesis are decreasing as the crypto lender is reportedly looking to file for bankruptcy.<\/p>\n<p>\u201cIf the negotiations for Binance\u2019s acquisition of Gopax shares fail, there is a high possibility that the damage to GoFi investors will become a reality.\u201d<\/p>\n<p> Journalist at CryptoSlate<\/p>\n<p>Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.<\/p>\n<h2>Connect your wallet, trade with Orion Swap Widget.<\/h2>\n<p>Directly from this Widget: the top CEXs + DEXs aggregated through Orion. No account, global access.<\/p>\n<p><strong>Disclaimer:<\/strong> Our writers&#8217; opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/gopax-investors-could-face-471m-loss-if-binance-acquisition-fails\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korean exchange Gopax needs to repay customers roughly $471 million in deposits locked up in Genesis Trading \u2014 which could be lost if Binance acquisition falls through. Binance reportedly completed due diligence for the acquisition of Gopax on Jan. 2, and purchased a stake in Gopax\u2019s largest shareholder, Lee Jun-hang, who owns 41.2% of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-9609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9609"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9609\/revisions"}],"predecessor-version":[{"id":9611,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9609\/revisions\/9611"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9610"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}