Star Atlas News
After news of the collapse of FTX, Star Atlas CEO, Michael Wagner (Swagner) has announced that Star Atlas had financial exposure to FTX, using the platform for cash transfers to their bank for operating expenses AND to generate yield.
This exposure provided approximately 50% of the game development runway time.
A voice chat conference with Swagner identified the loss to be in the region of $15million USDC.
Swagner remains positive and states ‘we have formulated a strategy, prepared presentation materials, and will initiate conversations with capital partners as early as the weekend. We are additionally exploring lending facilities… and finally, we are preparing to make internal structure changes within ATMTA to ensure the continued viability of the Star Atlas vision.’
The Club members and other community members have proposed ideas to help recover or offset the $15m lost to the Star Atlas team.
We can now only wait and hope that Star Atlas come back fighting and tun this situation around!