Cryptocurrency trading company FalconX has disclosed that it suffered losses in the collapse of FTX. 

According to the company, its assets locked on FTX represent only 18% of its “unencumbered cash equivalents.” However, the company added that this ratio fell well within their counterparty exposure limits. 

FalconX insisted that despite its exposure to the now insolvent FTX, its finances remain strong, as it continues to facilitate “billions of dollars” in daily trade volume for its clients. The company also claimed that its monthly volume has grown by “80%+ month-over-month.”

 “In a 0% recovery scenario of FTX balances, FalconX remains one of the best-capitalized firms in digital assets,” the company said, adding that it was “highly liquid” with a 4% debt-to-equity ratio and with over 80% of its balance sheet in regulated United State banks.

Despite suffering losses in the FTX collapse, FalconX maintained it had no exposure to Genesis, Alameda Research or BlockFi.

Related: CZ and SBF duke it out on Twitter over failed FTX/Binance deal

Since the abrupt closure of FTX, some cryptocurrency companies have downplayed their exposure to the failed exchange, while others have been caught lying to their investors and clients about the impact the collapse had on them. 

BlockFi, which initially denied having a majority of its assets custodied on FTX, filed for Chapter 11 bankruptcy on Nov. 28. 

On Dec. 5, blockchain-based institutional capital marketplace Maple Finance cut all ties with Orthogonal Trading due to its alleged misrepresentation of finances following the collapse of FTX. According to Maple Finance, Orthogonal Trading had been “operating while effectively insolvent.”