Star Atlas Founder Says Project Cash Will Be Cut In Half After FTX Collapse

The founder of Star Atlas has posted an announcement that the project’s cash will be cut in half due to his large exposure to bankrupt crypto company FTX.

It was on November 12 that Michael Wagner, the founder of the superstar game based on the Solana Star Atlas, issued an open letter stating that the project had “significant amounts of cash” in FTX deposits and project cash will be cut in half after FTX collapse.

In his share, he said that the large exposure to FTX is due to the belief that this liquid cash position is held by a trusted and trustworthy institution and can’t believe it can go bust.

In addition, the founder of Star Atlas also accepts his responsibility and apologizes for the time being too short and not taking appropriate precautions to react quickly to situations.

As mentioned in an earlier Coincu News article, on November 11th FTX filed for bankruptcy in a US court under chapter 11. Once a mainstay in the crypto industry, the demise of FTX caused the whole market to falter. Many investment funds as well as retail investors are suffering heavy losses.

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