DeFi protocol Oxygen held 95% of supply on FTX

Solana-based decentralized premier brokerage level Oxygen Protocol revealed connected Nov. 15 that 95% of its MAPS and OXY tokens proviso were held connected bankrupt crypto speech FTX.

1/ The MAPS and Oxygen teams are shocked by events relating to FTX Group’s bankruptcy proceedings.

— Oxygen – Decentralized Prime Brokerage (@Oxygen_protocol) November 15, 2022

The connection said the struggling crypto steadfast did not person immoderate equity successful its business, but it held a important information of its tokens.

“(FTX) acted arsenic the custodian for implicit 95% of the wide proviso of our ecosystem tokens — some locked and unlocked.”

The MAPS and Oxygen squad expressed daze astir the FTX bankruptcy incidents, adding that they lone person entree to publically disposable information.

Oxygen Protocol said it was considering each options to support its ecosystem. The DeFi protocol said it has employed ineligible advisors to assistance successful the process.

Meanwhile, the crypto assemblage appears to beryllium unsurprised by the latest revelations. Several comments suggested that Sam Bankman-Fried controlled the protocol and that helium was tweeting the announcements.

This is your archetypal Tweet since April 2022 stfu

— ZachXBT (@zachxbt) November 15, 2022

ZachXBT pointed retired that this was the protocol’s archetypal tweet since April 2022.

Maps and Oxygen protocol were projects backed by Alameda Research. In January 2021, Alameda Research led a $50 cardinal concern circular successful Maps.me. It besides led a $40 cardinal concern circular successful Oxygen successful February 2021.

Reports revealed that MAPS and OXY accounted for a important information of Alameda’s equilibrium sheet.

According to CryptoSlate data, OXY has shed 46% of its worth implicit the past 7 days, trading for $0.0202 arsenic of property time. MAPS is besides down astir 47% and valued astatine $0.062 arsenic of property time.

The station DeFi protocol Oxygen held 95% of proviso connected FTX appeared archetypal connected CryptoSlate.