Quick Updates... We're OK.
In light of what’s happening between FTX and Binance, the crypto space has once again been thrown into a high state of risk.
I’ve been receiving messages from friends and investors early this week about our exposure to FTX/FTT, and whether we’re going to be OK.
We do have some USDC in our FTX account, which we top-up every month for contractor payments to overseas staff. It’s not significant since most our team is in Singapore and are paid locally. But technically, we do have some small exposure to the debacle.
The bulk of our funds have always been kept in cold wallets and our company’s corporate banking account. Neither of these are interest-bearing, but we don’t trade or perform any yield-farming activities so it makes no difference to our business.
With Binance now pulling out of the FTX deal, it’s quite possible that in a best-case scenario, any funds in FTX will be paid out pennies on the dollar - on a good day.
In short, we are OK and continue to build through this state of turmoil.
If you are affected by this, I hope things eventually turn out well for everyone.
— FS