As FTX and its shareholders attempt to salvage what is left of the major crypto exchange crash in the Chapter 11 bankruptcy, it has forced a number of other crypto-related entities to take stock of their health. FTX had an extensive network around the world and many of the groups that had assets on the platform were now on the short end of the stick. Although not immutable. A Web3 developer recently shared that he has been avoiding having cash or assets in FTX and it doesn’t appear to be affecting that. In fact, co-founder Robbie Ferguson stated that the company has about 3.5 years of cash on hand.
Ferguson made this statement on his personal twitter where he shared a few more details about Immutable’s state in relation to FTX. Simply put, Immutable appears to have funds or assets tied to the FTX platform. Moreover, Ferguson claims that the company will be able to use the available cash for several more years.
The collapse of FTX and the subsequent filing for Chapter 11 bankruptcy occurred last week. Since then, several other companies that were close to or partnered with FTX have been forced to respond to this issue. Team SoloMid is sponsored by FTX and is currently exploring legal options. In the meantime, GameStop has ended its partnership with FTX and will be refunding crypto gift card purchases. Immutable and GameStop in particular are also partners in their cryptocurrency marketplace and are working on Web3 games and promotions such as Gods Unchained NFT Collector Card Packs for PowerUp Rewards members.
It seems Immutable didn’t suffer from the FTX crash, but many others were less fortunate. Stay tuned as we continue to monitor this story for further updates and details as they become available.