The Metaverse coin project, which is also closely followed by the Turks, fell in the FTX crisis. Star Atlas CEO made a statement on his Twitter account. Solana-based Star Atlas announced that its metaverse coin lost its value after the collapse of FTX.
Favorite metaverse coin project lost half value
Star Atlas was one of the companies affected by the sudden collapse of the Bahamas-based crypto exchange. According to CEO Michael Wagner, Star Atlas development studio ATMTA had substantial cash in FTX. Wagner pointed out that despite the incident, the company has a “strong balance sheet”. Wagner stated that FTX damaged their trust like everyone else. Also afterwards, the metaverse game Star Atlas apologized to its staff and users.
Wagner said in a statement on his account:
I believed we were hiding our cash position in a reliable and robust institution. I trusted a person who I believe has a respected place in the industry. Frankly, that trust has been completely lost. Bad timing. Failure to take adequate measures to respond quickly to such events has put our position in jeopardy. I am responsible here. I’m really sorry for that.
To discuss this in full transparency, please join us in a Town Hall today at 5pm EST on https://t.co/mCa6L6xBZj. pic.twitter.com/XnNuSdEaNG
— SW4²6N3R (@at_mwagner) November 11, 2022
As time goes on, more details about the FTX event are emerging. The Metaverse coin project is currently trading at $0.00283706.
Scoot&Scoot questions the FTX crisis
International law firm Scott & Scott, which focuses on complex litigation in the US and Europe, is investigating the FTX crisis. According to the information conveyed, it is questioned whether its executives violated US securities laws. The law firm urged investors of the exchange’s native crypto altcoin FTT to contact its attorney, Sean Masson.
If you have purchased FTX securities (for example, FTT tokens or high-yielding accounts). However, if you have incurred losses on your FTX investments, you can reach Scott & Scott attorney Sean Masson at (212) 822-5522. It is also recommended that you contact us via e-mail address.
As we have reported as Kriptokoin.com; It also exacerbates Sam Bankman-Fried and FTX’s legal woes. Top US law firm Rosen has announced that it has begun investigating the collapse of FTX. The rationale behind the move will allow the company to file a class action lawsuit against the former leading cryptocurrency exchange and its founder to help investors recover their losses. However, the United States Department of Justice announced earlier this week that it is investigating the matter to determine if the exchange is misusing customers’ funds.
On the other hand, Tether has started freezing FTX-linked USDT accounts based on authorities’ requests.
