Viva Republica’s Lee Seung-geon Received A Loan Of About 73 Billion Won From Bankrupt FTX

IconCryptoNewsTerminal Staff29 Aug, 2024

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Viva Republica’s Lee Seung-geon Received A Loan Of About 73 Billion Won From Bankrupt FTX

Viva Republica's Lee Seung-geon received a loan of about 73 billion won from the bankrupt FTX. This loan was used to purchase real estate in Seongsu-dong, Seoul. The loan was secured by Lee's personal assets, including his stake in Viva Republica. This loan is now in default, as FTX has filed for bankruptcy. As a result, Lee is facing a margin call from the lender. This could force him to sell his stake in Viva Republica in order to repay the loan. The loan from FTX was part of a larger investment that the company made in Viva Republica. FTX also invested in other South Korean startups, including Krafton and Dunamu. These investments were part of FTX's strategy to expand its presence in the South Korean market. However, FTX's bankruptcy has put these investments in jeopardy. It is unclear whether Viva Republica will be able to repay its loan to FTX. If it is unable to do so, it could lead to the company's bankruptcy.

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