Maps.me and Oxygen lost over 95% of funds due to FTX bankruptcy

Representatives of two projects from the decentralized finance sector said that 95% of their funds were blocked on the FTX exchange. After the US crypto exchange collapsed, almost all Maps.me and Oxygen funds were blocked. FTX has suffered such a heavy blow that it is still being felt by others in the crypto industry. Maps.me and Oxygen made a joint announcement on the Oxygen DeFi project portal.

Maps.me has an association with FTX as Alameda Research, a trading company of the FTX Group, has invested around $50,000,000 in Maps.me. This DeFi project is an alternative to Google Maps on mobile devices. A month after investing $50,000,000, Alameda Research participated in another investment round and led it, becoming the largest investor at the time. The next time Alameda Research invested $40,000,000 in Maps.me.

For Maps.me and Oxygen, the ruin and bankruptcy of the FTX Group holding is a big shock, since almost all of their funds were stored on an American crypto exchange. FTX acted as the primary token custodian of their ecosystem. Thus, along with the bankruptcy of FTX, Maps.me, along with Oxygen, were left without funds. In order to protect their ecosystems and try to recover some of the funds, Maps.me and Oxygen turned to legal advisers to somehow try to resolve the problem.

The bankruptcy of FTX affected not only Maps.me and Oxygen, but also many other companies, startups, and independent traders and investors. The list of victims includes such major defendants as the Gate exchange, the AAX exchange and the BlockFi crypto lending platform.