Star Atlas Heavily Affected By ‘FTX Catastrophe’. CEO Remains Committed
In a breaking announcement on Friday afternoon, Star Atlas co-founder Michael Wagner released an official statement regarding the bankruptcy of centralized exchange FTX and the collapse of the FTT token.
“As of today, we maintain a strong balance sheet, with significant optionality in front of us, though a potion of our most immediately liquid cash assets were impacted. While previously we had multiple years of runway given current operations ahead of us, that has presently been reduced by approximately one half.” — CEO Michael Wagner
Immediately following the official announcement, ATMTA, the company behind Star Atlas, called a community Town Hall meeting.
Speaking to an audience of over 500 hundred members, CEO Michael Wagner stated that the development team’s resolve was still very strong. Having discussed the situation with the team internally, enthusiasm and passion for the project had not faltered.
This week has been an emotional rollercoaster. We had a fantastic time at Breakpoint establishing partnerships and demonstrating the caliber of talent we have and amazing product. We proved to the world what is possible and what we’re capable of.
