Animoca Brands’ CEO Yat Siu is speaking out following the epic collapse of FTX earlier in the week that sent shockwaves throughout the web3 industry and sectors, in a recent letter detailing his thoughts.
Per the letter: “It is fair to say that many of us, myself included, are very upset by the events of the last several days” Siu writes. “I am not particularly upset at the drop in token prices; in fact recent developments would suggest more resilience in the market as compared to five months ago and we view them simply as moments in history especially when you consider what our industry looked like five years ago.”
No, 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.”
Siu went on to say that Animoca Brands exposure to FTX is limited to a non-material trading balance and that the company itself remains financially strong with a cash balance of approximately $214 million, digital assets of up to $940 million, and a further $3 billion of off-balance sheet digital reserves.