Mojito Markets Pauses Protocol Development After FTX Crisis

Key Points:

• The FTX Alameda meltdown had a huge influence on the Aptos-based cryptocurrency platform Mojito Markets. Therefore, it announced the suspension of its activities.
• Mojito said that the present bear market environment contributed to the failure of its efforts to secure additional finance. This has made it far more difficult for it to carry out the project plan.
• The network said that its next strategy was to remine the MOJO token on Ethereum. When the project ultimately relaunches, this will be the first stage in its multi-chain journey, according to Mojito.

The consequences that FTX and Alameda, the failed institution of Sam Bankman-Fried, left on the market are still very heavy. Mojito Markets is one of the names on this list.

DEX protocol for the Aptos ecosystem due to the effects of the FTX crash, the loss of project money that were in FTX’s control, and the loss of Alameda as the team’s market maker, Mojito Markets declared that the whole team has optional to halt protocol development.

Mojito team acknowledges that applying for emergency funding is very difficult in the context of a bear market, seriously affecting the ability to execute the project plan.

Mojito Markets plans to pick up where it left off when the capital and funding situation and to switch to many chains to increase the protocol’s exposure and access to global cross-chain liquidity.

When the project decides to resume, the official team will next remine MOJO on Ethereum, which will be the first step in its multi-chain adventure. The specifics of the operation will be revealed in the coming days.

The team is implementing the necessary processes and plans to effectively suspend the project until the macroeconomic situation improves and they can successfully fund the project.

Back to the FTX story, in order to avoid this crisis, insurance companies have recently refused or limited coverage for customers who came into contact with the collapse crypto exchange leaving crypto traders and traders uninsured for any loss resulting from hacking, theft, or litigation.

A month after the cryptocurrency exchange Bankman-Fried founded sought bankruptcy protection, U.S. authorities last week charged him. The former CEO of FTX made the decision on Monday to consent to his extradition to the United States to face fraud charges.

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.

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Harold

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