Animoca Brands reveals 'limited' FTX exposure after SBF’s empire collapses
Quick Take
- Animoca Brands’ exposure to FTX is limited to a “non-material trading balance,” the firm’s co-founder Yat Siu said.
- Siu also condemned the irresponsible actions of crypto industry leaders that “continue to abuse their disproportionate power.”
Venture firm and software company Animoca Brands released key figures of its balance sheet, revealing some exposure to Sam Bankman-Fried's collapsed exchange.
The new information about Animoca’s balance sheet comes hours after Bankman-Fried’s crypto exchange FTX filed for Chapter 11 bankruptcy protection. Animoca’s actions follow other leaders of centralized crypto businesses detailing whether they have ties to the former billionaire’s collapsed ecosystem and native token FTT.
“Our exposure to FTX is limited to a non-material trading balance and we continue to invest and support the ecosystem,” Animoca co-founder Yat Siu said in a statement.
The firm maintains a cash balance of around $214 million and digital assets worth $940 million, with $3 billion in off-balance sheet digital reserves. The firm has supported 380 companies in web3, such as OpenSea and Dapper Labs, as well as the crypto payment startup Request Finance and the web3 gaming firm Planetarium Labs, The Block previously reported.
Siu condemned the actions of crypto industry leaders this week.
“Many of us, myself included, are very upset by the events of the last several days,” Siu said. “I am upset that the important work on making the web decentralized, free from central power structures that continue to abuse their disproportionate power, is once again being overshadowed by a very few irresponsible actors. Very few.”
Sam Bankman-Fried’s crypto exchange FTX collapsed this week following a failed deal with crypto exchange Binance. The situation is still unfolding.
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