Solana-based decentralized prime brokerage platform Oxygen Protocol revealed on Nov. 15 that 95% of its MAPS and OXY tokens provide have been held on bankrupt crypto alternate FTX.
1/ The MAPS and Oxygen groups are shocked by occasions regarding FTX Group’s chapter proceedings.
— Oxygen – Decentralized Prime Brokerage (@Oxygen_protocol) November 15, 2022
The assertion stated the struggling crypto agency didn’t have any fairness in its enterprise, but it surely held a good portion of its tokens.
“(FTX) acted because the custodian for over 95% of the general provide of our ecosystem tokens — each locked and unlocked.”
The MAPS and Oxygen group expressed shock in regards to the FTX chapter incidents, including that they solely have entry to publicly accessible info.
Oxygen Protocol stated it was contemplating all choices to guard its ecosystem. The DeFi protocol stated it has employed authorized advisors to help within the course of.
In the meantime, the crypto neighborhood seems to be unsurprised by the newest revelations. A number of feedback steered that Sam Bankman-Fried managed the protocol and that he was tweeting the bulletins.
That is your first Tweet since April 2022 stfu
— ZachXBT (@zachxbt) November 15, 2022
ZachXBT identified that this was the protocol’s first tweet since April 2022.
Maps and Oxygen protocol have been initiatives backed by Alameda Analysis. In January 2021, Alameda Analysis led a $50 million funding spherical in Maps.me. It additionally led a $40 million funding spherical in Oxygen in February 2021.
Studies revealed that MAPS and OXY accounted for a good portion of Alameda’s stability sheet.
In keeping with CryptoSlate knowledge, OXY has shed 46% of its worth over the past seven days, buying and selling for $0.0202 as of press time. MAPS can be down roughly 47% and valued at $0.062 as of press time.
