DeFi protocol Oxygen held 95% of supply on FTX
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 change FTX.
1/ The MAPS and Oxygen groups are shocked by occasions referring to 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, nevertheless it 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 staff expressed shock concerning the FTX chapter incidents, including that they solely have entry to publicly accessible data.
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 group seems to be unsurprised by the newest revelations. A number of feedback recommended 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 tasks 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.
Reviews revealed that MAPS and OXY accounted for a good portion of Alameda’s steadiness sheet.
In keeping with Crypto knowledge, OXY has shed 46% of its worth during the last 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.
