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Gungun Bhatia
Nov 12, 2022
by Gungun Bhatia

FTX Disaster Reduces Star Atlas Financial Runway in Half

FTX Star Atlas

Table of contents

  1. Star Atlas Development Firm’s Cash Exposure
Following the demise of cryptocurrency exchange FTX, the CEO of Solana-based gaming metaverse Star Atlas tweeted that its financial runway has been slashed in half. The startling collapse of the cryptocurrency giant with headquarters in the Bahamas has now impacted the Solana-based gaming metaverse, a newcomer in the industry.

Star Atlas Development Firm’s Cash Exposure

According to CEO Michael Wagner, ATMTA, the Star Atlas development firm, had "significant cash exposure" deposited at FTX. Despite the turbulence, he noted that the business still has a solid balance sheet. Wagner further stated that the runway previously given the ongoing operations has now been reduced by about 50%. On Friday night, he moderated a Discord town hall to address the incident.

Wagner expressed regret to FTX and the users and staff of the Solana-based gaming metaverse, claiming that FTX had broken his confidence. The amount of money lost in the FTX collapse was not disclosed by the corporation. According to Wagner, a vulnerable position was caused by bad timing and a lack of adequate backup plans to react quickly to instances like these.

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FTX Disaster Reduces Star Atlas Financial Runway in Half
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.