Cointime

Download App
iOS & Android

Avalanche:We Have No Significant Exposure To FTX or Alameda

Cointime Official

Several crypto firms have come out to distance themselves with exposure to FTX crypto exchange and its sister firm Alameda amid the financial crisis facing the two firms. This comes after calls from the crypto community for transparency to let users know if there is any risk.

Avalanche tweeted said:

The Avalanche Foundation remains financially strong during this difficult time.A quick thread with more details.

2/ Our hearts go out to everyone adversely impacted by the current situation. We hope everyone is able to recover their assets.

3/ The Avalanche Foundation works with many counterparties for financial activities, including TradFi firms, CeFi players, and DeFi protocols. We strongly believe in risk management, due diligence & “not your keys, not your crypto”, and act in accordance with these principles.

4/ The Foundation did not custody any significant amount with FTX. Less than 0.02% of the treasury’s assets, comprising some illiquid tokens, were on the exchange. Additionally, it has never sold tokens to the company as part of a private token sale.

5/ The Foundation does not leverage assets for speculation. It does not risk the future for short-term gains. It does not engage in “financial engineering” of the kind seen on FTX and Alameda balance sheets.

6/ As a result of this prudent risk management, we have no significant exposure to FTX or Alameda. The Avalanche Foundation treasury is well-positioned for the long-term and more ready today than ever to support builders.

7/ It is never a good thing when these turbulent conditions arise, regardless of their cause. We wish everyone well during these tough times. We will continue to build and bring the best of science to blockchains.

FTX
Comments

All Comments

Recommended for you

  • Telegram Renames Gram Wallet to Money and Launches for All Users

    On October 9, Telegram officially renamed its previously limited-access wallet service 'Gram wallet' to 'Money' and launched it to over one billion users across the platform. 'Money' is an integrated wallet for the Gram token, supporting storage, transfers, and purchases of platform gifts and collectible usernames. Additionally, the accompanying trading platform 'Walt' offers services for over 300 assets, including tokenized stocks, precious metals, perpetual contracts, and wealth management projects. Users can make instant transfers from 'Walt' to the 'Money' wallet without incurring network fees. The official statement also cautions that investing in crypto assets carries associated risks.

  • Blockchain.com Seeks Approval for Prediction Markets and Cryptocurrency Derivatives Trading

    On October 9, the crypto asset platform Blockchain.com submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) seeking to obtain licenses for a designated contract market (DCM) and a futures commission merchant (FCM) to offer event contracts (prediction markets) and cryptocurrency derivatives trading services to U.S. users.

  • US May Seize Approximately $1 Billion in Cryptocurrency Related to Iran This Week

    U.S. Treasury Secretary Bencet stated at the NPolicy Summit held by Newsmax in Washington on Thursday that we may seize $1 billion in cryptocurrency this week, adding, "We know where it is, and we are isolating them." Bencet noted that the Trump administration's approach to Iran has shifted from 'maximum pressure' to 'absolute isolation,' with measures including maritime blockades, restrictions on air travel, and the cutting off of land routes. The UAE and Oman are cooperating with the U.S., which is also working with Pakistan and Turkey to cut off all land routes in and out of Iran.

  • Zcash Development Team Plans to Introduce Quantum-Resistant Signatures in January

    The development team of the privacy cryptocurrency Zcash (ZEC) plans to introduce post-quantum signature opcodes to the network in January next year, supporting hash-based signature technology to defend against potential quantum computing attacks. This solution primarily targets the transparent (public) payment pool, where approximately 70% of ZEC is currently stored. Although the developers have set January as the target deadline, the specific network activation time has not yet been finalized. This upgrade aims to prevent attackers from using existing public keys to reverse-engineer private keys and forge payment authorizations. Additionally, the Zcash node validator Zakura has launched a wallet tool based on Private Information Retrieval (PIR), allowing users to query balances across multiple addresses without revealing the correlation between those addresses to the server. Previously, Ethereum researcher Justin Drake warned that artificial intelligence could accelerate the cracking of traditional encryption algorithms and urged cryptocurrency holders to prepare for potential security threats.

  • BTC Surpasses $83,000

    Market data shows that BTC has surpassed $83,000, currently priced at $83,017.3, with a 24-hour increase of 0.66%. The market is highly volatile, so please ensure proper risk management.

  • Central Committee and State Council: Comprehensive Implementation of 'AI+' Initiative

    On October 9, the Central Committee of the Communist Party of China and the State Council issued the 'Opinions on Developing New Quality Productive Forces.' The opinions mention the comprehensive implementation of the 'AI+' initiative. This includes promoting the transformation of traditional industries through artificial intelligence, accelerating the development of new-generation intelligent terminal applications such as smart connected new energy vehicles, AI smartphones and computers, and humanoid robots. It aims to speed up innovation in digital intelligence technologies like artificial intelligence, break through foundational theories and core technologies, and strengthen the efficient supply of computing power, algorithms, and data. The strategy involves tailored approaches based on local conditions and industry-specific policies to layout national pilot bases for AI industry applications and high-value application scenarios, vigorously promoting the application of AI across various sectors. Additionally, it emphasizes the establishment of a technology monitoring, risk warning, and emergency response system to ensure that artificial intelligence is safe, reliable, and controllable.

  • U.S. Government-Related Wallet Deposits 17,733 BTC and 750 WBTC to Coinbase Prime

    On October 9, according to monitoring by Lookonchain, wallets associated with the U.S. government have deposited 17,733 BTC (worth $1.48 billion) and 750 WBTC (worth $62 million) into Coinbase Prime over the past three days. According to tagging data from Arkham, these wallets currently hold cryptocurrency assets valued at $25.4 billion, with Bitcoin alone valued at $25.3 billion.

  • ETH Falls Below $2500

    Market data shows that ETH has fallen below $2500, currently priced at $2499.87, with a 24-hour decline of 2.55%. The market is experiencing significant volatility, so please ensure proper risk management.

  • ETH Surpasses $2500

    Market data shows that ETH has surpassed $2500, currently priced at $2500.13, with a 24-hour decline of 2.21%. The market is experiencing significant volatility, so please ensure proper risk management.

  • BTC Surpasses $82,000

    Market data shows that BTC has surpassed $82,000, currently priced at $82,002.01, with a 24-hour decline of 1.47%. The market is highly volatile, so please ensure proper risk management.