The Founder Of Animoca Claims That Asia Is Still Moving On After The Failure Of FTX

Yat Siu, president of venture capital firm Animoca Brands, stated that Asia’s crypto ecosystem is “on a path forward” following the demise of FTX.

“Despite the Bankman-Fried arrest, we (the Asian crypto community) are moving forward,” Siu remarked in an interview at the NFT Taipei conference on Thursday.

“I would argue that the FTX crisis is a Western narrative, but because the story is so broad, I don’t think we care much about it,” Siu remarked.

“The largest damage FTX inflicted was not financial,” Siu concluded. Tera is far larger in terms of money, but because Bankman-Fried is so well-known, the damage is more in favor of reputation and, in particular, the American institutional damage.”

Siu stated that the FTX event had little impact on Animoca because the company “had some tiny transactions in FTX” and had little exposure to the Solana ecosystem.

Bankman-Fried was arrested in the Bahamas on Monday at the behest of US authorities on charges of fraud and money laundering.

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