News

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

CoinCu News

Victor

Recent Posts

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

5 minutes ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

54 minutes ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

1 hour ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

1 hour ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

2 hours ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

2 hours ago

This website uses cookies.