Immutable Co-founder issues statement on FTX, says Web3 game company has 3.5 years of cash runway

As the FTX company and its shareholders move to rescue the wreckage of a massive collapse of cryptocurrency exchanges in Chapter 11 bankruptcy, more crypto-related entities are encouraged to assess their health. FTX has a long-standing network around the world, and many groups that had assets on the platform are now in trouble. However, it is not immutable. Web3’s developers recently shared that they are keeping no cash or assets in FTX and appear immune to it. In fact, co-founder Robbie Ferguson claims the company has about 3.5 years of cash runway.

Ferguson is his personal twitter There he shared some more details about Immutable’s state as it relates to FTX. Simply put, Immutable appears to have funds and assets tied to the FTX platform. What’s more, Ferguson claims the company’s cash holdings will keep it afloat for a few more years.

The FTX Collapse and Afterwards Filing for Chapter 11 Bankruptcy It was done last week. Since then, several other companies close to or affiliated with FTX have been forced to respond to the issue: Team SoloMid, whose FTX is sponsored, Currently considering legal optionsMeanwhile, game stop Ended partnership with FTX We also issue refunds for purchases of crypto gift cards.especially immutable and gamestop Also a crypto market partner Has worked on Web3 games and promotions such as Gods Unchained NFT Trading Card Pack for PowerUp Rewards Members.

Immutable seems to have been unscathed by the FTX demise, but many other companies weren’t so lucky. We will continue to follow this story as updates and details are released, so stay tuned.

TJ Denzer is a player and writer whose passion for games has ruled him all his life. He found his way onto the Shacknews roster in late 2019 and has been on his way to Senior News his editor since. In between news coverage, the indie focused on his games, he streams live at Indie-licious, Shacknews Stimulus Games, Shacknews Dump, and more to support his projects.you can contact him tj.denzer@shacknews.com Also find him on Twitter @Johnny Chuggs.