• BTC $16171.81 0.11 %
  • ETH $1166.56 0.13 %
  • BCH $110.10 0.00 %
  • SOL $13.29 0.38 %
  • XRP $0.39 0.36 %
  • BNB $291.40 0.14 %

Avalanche:We Have No Significant Exposure To FTX or Alameda

Cointime Staff· 2 min read

Several crypto firms have come out to distance themselves with exposure to FTX crypto exchange and its sister firm Alameda amid the financial crisis facing the two firms. This comes after calls from the crypto community for transparency to let users know if there is any risk.

Avalanche tweeted said:

The Avalanche Foundation remains financially strong during this difficult time.A quick thread with more details.

2/ Our hearts go out to everyone adversely impacted by the current situation. We hope everyone is able to recover their assets.

3/ The Avalanche Foundation works with many counterparties for financial activities, including TradFi firms, CeFi players, and DeFi protocols. We strongly believe in risk management, due diligence & “not your keys, not your crypto”, and act in accordance with these principles.

4/ The Foundation did not custody any significant amount with FTX. Less than 0.02% of the treasury’s assets, comprising some illiquid tokens, were on the exchange. Additionally, it has never sold tokens to the company as part of a private token sale.

5/ The Foundation does not leverage assets for speculation. It does not risk the future for short-term gains. It does not engage in “financial engineering” of the kind seen on FTX and Alameda balance sheets.

6/ As a result of this prudent risk management, we have no significant exposure to FTX or Alameda. The Avalanche Foundation treasury is well-positioned for the long-term and more ready today than ever to support builders.

7/ It is never a good thing when these turbulent conditions arise, regardless of their cause. We wish everyone well during these tough times. We will continue to build and bring the best of science to blockchains.


All Comments