Solana ecosystem projects Oxygen (OXY) and Maps.me (MAPS) revealed on Tuesday that they held over 95% of their overall token supplies on now-defunct exchange FTX.
In a blog post, the team behind Oxygen also said that while FTX had no equity investments in the companies, the bankrupt exchange held a “significant proportion” of OXY and MAPS. This is evident from the leaked FTX balance sheet, which shows that the exchange held millions of dollars in OXY, MAPS, and other illiquid tokens.
Oxygen said that it’s considering all options for how to protect its users and has “retained legal advisors to assist with this ongoing process.”
Oxygen and Maps.me were heavily backed by Alameda Research, Sam Bankman-Fried’s crypto trading firm that supposedly received customer funds from FTX to place risky bets. The firm led a $50 million investment round in Maps.me in January 2021. The project was supposed to be a decentralized…
