Star Atlas cash runway sliced in half by FTX catastrophe

2022/11/12 03:05

According to The Block, Solana-based gaming metaverse Star Atlas saw its cash runway cut in half after the collapse of crypto exchange FTX, its CEO said on Twitter. ATMTA, the Star Atlas development studio, had “material cash exposure” on deposit at FTX, according to CEO Michael Wagner. Despite the turmoil, the company still has a “strong balance sheet,” he said. “I believed this liquid cash position to be custodied with a reliable and trustworthy institution. I put my confidence and trust into an individual I believed to be a stalwart of the industry,” Wagner said. “Clearly that trust has been betrayed. Poor timing, and a failure to have sufficient backup measures in place to respond expeditiously to situations such as this resulted in a compromised position. That is on me, and for that, I am sorry.”

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