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Immutable Co-Founder Releases FTX Statement, Says Web3 Gaming Company Has 3.5 Years Of Cash

Immutable Co-Founder Releases FTX Statement, Says Web3 Gaming Company Has 3.5 Years Of Cash

Robbie Ferguson claims Immutable didn’t have the funds for FTX and currently has enough cash to keep going for several years.

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.

Longtime co-founder Robbie Ferguson on the collapse of FTX.
Robbie Ferguson assured those interested in Immutable that the company has few assets or cash associated with FTX, and it looks like everything will be fine despite the collapse of the crypto exchange.
Source: Twitter

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.

Senior News Editor

TJ Denzer is a gamer and writer with a passion for games that has dominated his entire life. He was listed by Shacknews at the end of 2019 and has since risen to senior news editor. In between the news, he also actively assists with live streaming projects such as indie-focused Indie-licious, Shacknews Stimulus Games, and Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter. @JohnnyChugs.

Written by khirou

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