A quick note on FTX / Alameda

The recent collapse of FTX and Alameda research has left our nascent industry reeling, we feel for those affected. Several members of the Perion community have reached out seeking clarification as to Perion’s exposure to the situation. We would like to take a quick moment to assuage concerns:

TL;DR

Funds safe, non-material FTT holding liquidated

FTX exchange

• Perion did not hold any funds on the FTX exchange, we use a GNOSIS multi-sig. We have also avoided CeFi yield/lending platforms as we did not wish to expose the DAO treasury to crypto-credit market instability, see our November treasury report for further details
• The Perion treasury did have a non-material holding of 3525 FTT tokens, which have since been liquidated, alongside CRO holdings. We retain a holding of DYDX which has performed exceptionally post FTX insolvency

Alameda research

• Perion did not engage with Alameda research in a treasury management or market-making capacity. At the time we inquired, the deal terms for Alameda to engage as a market-maker appeared predatory, as such we opted to utilise a different provider
• Alameda did engage in the Perion private round, as per the deal terms they purchased 2% of supply, none of which have vested. A VC firm from that round has expressed interest in purchasing those tokens OTC, should the bankruptcy administrators make contact. We will do our utmost to facilitate should that contact occur

Summary

Against the backdrop of market volatility, crypto-credit market instability and general macro deleveraging we have optimised for runway and minimised market exposure — Funds safe, continuing to build

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