FTX Fallout | Live Blog of the Exchange’s Impact on the NFT Ecosystem
The fallout from the cryptocurrency exchange FTX is rippling across the NFT ecosystem and many NFT community members are seeking clarity about the potential impacts on their favorite NFT projects.
Below, Lucky Trader has compiled an active list of NFT projects and founders who have spoken out and provided transparency on respective project treasuries or funds with exposure to the FTX platform.
Lucky Trader has not independently verified these statements, unless indicated.
Yuga Labs
Yuga Labs co-founder Wylie Aronow provided updates to Bored Ape Yacht Club and Yuga Labs followers, reassuring users that no funds were impacted by the FTX collapse.
Tally Labs (Jenkins the Valet, Bored & Dangerous)
A Tally Labs co-founder indicated that Tally Labs and Jenkins the Valet had no exposure to FTX or the FTX native token, FTT.
Rekt Guy, Flips Finance, DEGENZ
Notable NFT personality, Mando, indicated that none of the projects associated with himself or his partner and artist, OSF, have any exposure to FTX or its affiliates.
Animoca Brands
Animoca Brands' exposure to FTX is "limited to a non-material trading balance," according to a statement from chairman Yat Siu.
"Animoca Brands remains financially strong with a cash balance of approximately $214 million, digital assets of $940 million with a further $3 billion of off-balance sheet digital reserves and a portfolio of some 380 companies," said Siu.
Parallel Alpha
The official Parallel Alpha Twitter account updated followers that Parallel has no exposure to FTX and does not keep treasury funds on exchanges.
Dapper Labs (NBA Top Shot, NFL All Day)
Roham Gharegozlou, the CEO of Dapper Labs, updated his Twitter following with a thread regarding the company's standing, indicating that Dapper Labs "is not materially exposed to FTX, Alameda, FTT, SOL, or other affected tokens."
Blur
Blur's official Twitter account announced the recently launched NFT marketplace has "no FTX exposure," and has over 40 months of runway stemming from a $14m fundraise.
Truth Labs (Goblintown, Illuminati)
Truth cofounder Alexander Taub confirmed, "our stuff is on multi-sig," adding the project had "zero exchange exposure" in the wake of FTX's collapse.
Chiru Labs (Azuki)
In a holders-only channel within the Azuki Discord, project founder ZAGABOND confirmed ~90% of the team's treasury is "held in fiat in a traditional bank. The rest is in Coinbase, cold storage, and some funds in BlockFi." ZAGABOND says the team "got about half of those funds off of BlockFi," and is "discussing its next steps with legal counsel," before adding, "we're good regardless."
Virtually Human Studios (ZED RUN)
In an announcement posted in the project's Discord server, Caroline from the ZED RUN team reassured the community that "we have not been affected by the recent news developing around FTX in any way." The announcement notes that the team stores its funds in cold, off-exchange storage.
Doodles
Doodles' CEO Julian Holguin reassured holders that the FTX fallout did not impact the Doodles' treasury in a Discord message on Saturday. None of the Doodles' working capital was stored via FTX, its affiliates, or any other cryptocurrency exchange.
STEPN, Find Satoshi Lab
Find Satoshi Lab, the team behind STEPN, announced that its treasury funds are secure via Twitter on Sunday.
World of Women
World of Women did have an FTX account but was not affected in any way as part of the FTX bankruptcy, according to a tweet from the project.
ApeCoin Foundation
The ApeCoin Foundation did not hold any funds on FTX, but instead utilizes Coinbase Custody for its treasury funds, according to a tweet from the utility token's Twitter account.
This is a developing story and will be updated with additional information and sources.
