ApeCoin (APE) recently updated its status on the FTX incident. According to reports, the Ape Foundation has no holdings in FTX. Through Coinbase Custody, the Treasury has been kept in separate custody accounts.
According to the statement:
The Ape Foundation did not, and does not currently, hold any assets on FTX. The treasury is held in segregated custody accounts via Coinbase Custody.
Additionally, ApeCoin emphasized the value of segregated custody. Segregated custody is not only standard practice when operating at the institutional level but also dramatically reduces critical risks, especially when a big treasury is involved, according to the team.
The FTX incident had an impact on the whole cryptocurrency market, and APE was no different. Over the last week, the price of the cryptocurrency fell by 32%, and the price reached a critical level of $2.65, which sent investors into a frenzy.
As an illustration, j1mmy.eth, the creator of Avastars NFT, received an airdrop of 809,500 APE ($6.9 million at the time), and he hosted all of the APE at address “0x39b5” Later, on November 7 and 9, he sold 638,000 APE for $2.3 million at $3.61.
Surprisingly, APE was trading at $2.91 with a market capitalization of over $2.91 million at the time of writing, indicating some signs of recovery as its price increased by around 4% in the previous 24 hours.
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Moreover, APE’s value increased, and the whales also expressed interest in the token. Among the top 500 ETH whales, APE was among the top 10 tokens bought, and it was encouraging news because it demonstrated whales’ faith in the alternative.
Data from Santiment show that APE’s MVRV Ratio increased, providing investors with more confidence in a sustained price increase. Another encouraging aspect is that APE’s network expansion rose compared to the previous week.