Animoca Brands Says Limited Exposure For FTX

Key financial information from Animoca Brands’ balance sheet was made public, showing some exposure to Sam Bankman-Fried’s defunct exchange.

The move by Animoca comes after other crypto companies revealed if they have any connections to the defunct network and native token FTT of the former FTX CEO.

A few hours after Bankman-cryptocurrency Fried’s exchange FTX filed for Chapter 11 bankruptcy protection, additional details concerning Animoca’s balance sheet surfaced.

The company now has $214 million in cash, $940 million in digital assets, and $3 billion in off-balance sheet digital reserves. The company has backed 380 businesses, which are some of the greatest Web3 and blockchain businesses in the world (OpenSea, Dapper Labs, Sky Mavis, The Sandbox, and Upland,…).

Animoca co-founder Yat Siu also expressed his attitude toward the collapse of Sam Bankman’s empire:

“It is fair to say that many of us, myself included, are very upset by the events of the last several days. I am not particularly upset at the drop in token prices; in fact recent developments would suggest more resilience in the market as compared to five months ago and we view them simply as moments in history especially when you consider what our industry looked like 5 years ago.”

FTX’s demise is still looming, and Sam Bankman-Fried’s net worth is now zero.

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