Maps.me and Oxygen have tokens locked up in FTX

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DeFi
Maps.me and Oxygen have tokens locked up in FTX

The FTX cryptocurrency exchange is still experiencing a ‘rainstorm.’  Maps.me, a DeFi initiative run by Alameda, and Oxygen, a related effort, reported adverse developments. 

According to an official statement released by Oxygen on Tuesday, FTX controls a significant amount of MAPS/Oxy coins and manages the token economic structure while having no equity in the MAPS or Oxygen companies. The unlocked portion and 95% of the tokens are stored in FTX.

Both companies were heavily involved with FTX

A DeFi brokerage network named Oxygen was created using the Serum on-chain architecture and Solana. The revised version of the Maps.me offline routing mobile app, which promised integration with Oxygen in 2021, uses the MAPS token. OXY is the oversight token of the Oxygen system.

These two initiatives are part of the ‘Sam’s coins’ group, including SRM, MAPS, OXY, and FIDA. These currencies were designed using the ‘high valuation – low circulating supply’ formula and intended to be used as investment instruments.

Oxy’s most recent post is the program’s first interaction with the neighborhood since April. This ‘Sam’ token is also heavily concentrated in FTX’s officially declared bankruptcy assets, valued at ten times as much. Recently, Maps.me has yet to be online. On October 3rd, the business posted its final tweet.

According to Oxygen, the circumstances surrounding the FTX bankruptcy hearings left it “shocked.” The company has retained legal counsel to assist with this continuing process as it weighs all available alternatives for safeguarding the MAPS and OXY ecosystems.

According to former FTX CEO Sam Bankman-Fried, Oxygen is “far less of a white glove than typical prime brokerage, such is cryptocurrency,” in February 2021. Well, who’s laughing now.

Due to its close ties to FTX and other groups, the Wall Street Journal reported that BlockFi is getting ready to declare bankruptcy this morning.

A $50 million investment in Maps.me, a smartphone competitor to Google Maps with around 100 million users, was headed by Alameda Research in January 2021. To incorporate DeFi broker Oxygen into Maps.me, it led a $40 million investment round in Oxygen after a month.

A $50 million investment in Maps.me, a smartphone competitor to Google Maps with around 100 million users, was headed by Alameda Research in January 2021. To incorporate DeFi broker Oxygen into Maps.me, it led a $40 million investment round in Oxygen after a month.

Paradigm caught in the crossfire

Along with Oxygen and Maps.me, Paradigm was also associated with FTX and is now paying the price. In light of recent findings involving FTX, Alameda Research, and Sam Bankman-Fried, the co-founder of asset management company Paradigm, said they have “great remorse” for having invested in the company.

The co-founder and founding director of Paradigm, Matt Huang, on November 15, said the company is “shocked” by the disclosures surrounding the two firms and their founder and that he does not share crypto’s ideals and has done a great deal of harm to the community.

Huang added that Paradigm has now reduced its FTX stake to $0. He claimed that Paradigm’s stock interest in FTX only made up a tiny portion of Paradigm’s entire assets.