DeFi

Alameda-Backed DeFi Projects Maps.me And Oxygen Troubled With FTX

In a statement released on Tuesday, Maps.me and Oxygen, two DeFi projects supported by Alameda Research, claimed that FTX, the defunct cryptocurrency exchange, still holds more than 95% of the total supply of their tokens.

Alameda-Backed DeFi Projects Maps.me And Oxygen Troubled With FTX 2

The statement said that the project teams have retained legal counsel and are examining all possibilities for safeguarding their platforms.

Oxygen is a DeFi brokerage protocol built on Solana and using the Serum on-chain infrastructure. OXY is the governance token of the Oxygen protocol, and MAPS is the token used for the second version of the Maps.me offline mapping mobile app.

Alameda Research oversaw a $50 million investment in Maps.me in January 2021. To incorporate DeFi broker Oxygen into Maps.me, it led a $40 million investment round in Oxygen one month later.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.