Неколку крипто компании and firms are beginning to feel the extent of the damage of the FTX collapse, as some of them have funds stuck in the exchange.
While some of the affected companies have started disclosing their exposure, the extent of the damage could be far bigger than imagined, considering the amount that went up in smoke over the past couple of days.
Crypto Companies Feel The Pinch
Venture capital firm Sequoia Capital has announced a loss of its $213.5 million investment in the exchange. In a letter sent to its partners, it stated that it was marking down its investment to zero.
Since the incident, at least one crypto lender BlockFi has paused withdrawal. While the firm did not disclose the extent of its exposure, its decision has birthed speculations that it might be insolvent.
Several celebrities like Tom Brady, Steph Curry, and Naomi Osaka would also be recording losses. All were appointed global ambassadors of the firm last year.
Previously, crypto lending firms that paused withdrawals, like Celsius and Voyager, following the Земјата LUNA crash filed for стечај due to the extent of their exposure.
Start Atlas Reveals it Lost Half of its Cash
Студиото зад гејмерскиот метаверс Star Atlas со седиште во Солана откри дека изгубил половина од својата готовинска писта поради колапсот на FTX.
ATMTA CEO Michael Wagner stated that the game developer had a “material cash exposure” in FTX with its deposit. However, he stated that its balance sheet is still strong enough to see it through.
Wagner did not reveal how much was stuck in FTX.
Galois Capital Loses 50%
Another crypto firm with exposure to the bankrupt exchange was the crypto fund Galois Capital.
Reports revealed that Galois co-founder Kevin Zhou said the fund has around $40 million locked in FTX.
The fund also потврди this on Twitter, adding that it “did not use any Bahamian method to move funds out.”
Ren Protocol Funding Hang
Рен протокол исто така откриени дека добил квартално финансирање од Аламеда во изминатите 12 месеци. Но, исто така изјави дека ќе продолжи да работи и ќе бара начини да ги продолжи плановите за Ren 2.0.
Meanwhile, the full extent of the losses remains unknown. Blockchain projects like Солана, Aptos, and sui all have direct connections to the failed exchange.
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Source: https://beincrypto.com/crypto-companies-start-toppling-like-dominoes/