LayerZero Completely Cuts Ties With FTX

LayerZero, which was invested by FTX-Alameda in March 2022, announced that it had acquired all ownership of shares, tokens, and asset security certificates, completely cutting ties with Sam Bankman- Fried.

The interoperability protocol LayerZero Labs stated on November 10 that it had reached a deal to acquire the whole equity stake held by FTX Ventures and Alameda Research, together with token warrants and any agreements between the parties.

The startup’s valuation reached $1 billion in March when the protocol secured $135 million in a fundraising round co-led by FTX Ventures. Andreessen Horowitz, Sequoia, Coinbase Ventures, and PayPal Ventures were other investors in the round.

Additionally included in the deal was the sale of the STG tokens Alameda had obtained through its community auction. The tokens would be transferred to the Stargate Foundation, and the community would then determine what to do with them, claims LayerZero.

The project claims to have up to $134 million in reserve assets, as well as $11.5 million stuck on the FTX exchange, pledging to have still enough money to operate for many years to come.

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