LONDON, UK: Mode Global Holdings Board has made the decision to initiate wind-down of customer operations for Fibermode Ltd, JGOO Ltd and Greyfoxx Ltd. Mode had announced in January 2023 that the Group had been unsuccessful in sourcing funding.
It is a challenging time in the crypto market and the Group has faced considerable headwinds along the way. Mode Group is looking to restructure by initiating a winding down of the customer operations of its regulated trading subsidiaries and making CVA proposals to creditors of MGL Ltd which cannot currently be settled.
In the following weeks, the Mode mobile application will be shut down. The Board has also made the decision to close the following subsidiaries; Fibere Ltd and JGOO Ltd.
Customers will be notified in due course and their funds and crypto assets will remain safe with our partners with no access restrictions. Mode does not lend out assets. Customers will be encouraged to remove their assets from the platform in the coming days and weeks.
The Board will continue to look for ways to extract value from the Group in the future and to rebuild operations within the cryptocurrency industry.
The cryptocurrency market is now valued more than $1 trillion for the first time since the collapse of FTX in November, signaling a strong rebound in investor confidence even as the industry faces headwinds.
Bitcoin, the world’s largest cryptocurrency, hit a five-month high above $23,000 over the weekend and is up almost 40% in January, on course for the best month since October 2021. The total market capitalization of virtual currencies has climbed by almost $250 billion so far in January.
