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Finance

Tokens of Alameda-Backed DeFi Projects Maps.me and Oxygen Locked Up at FTX

Alameda Research led funding rounds into both companies in 2021.

By Xinyi Luo
AccessTimeIconNov 15, 2022 at 7:11 p.m. UTC
Updated May 9, 2023 at 4:02 a.m. UTC
Maps.me and Oxygen, two DeFi projects backed by Sam Bankman-Fried’s Alameda Research, are considering their options. (Danny Nelson/CoinDesk)
Maps.me and Oxygen, two DeFi projects backed by Sam Bankman-Fried’s Alameda Research, are considering their options. (Danny Nelson/CoinDesk)

Maps.me and Oxygen, two decentralized finance (DeFi) projects backed by disgraced entrepreneur Sam Bankman-Fried’s beleaguered Alameda Research, said in a statement Tuesday that over 95% of the overall supply of their tokens are being held at bankrupt crypto exchange FTX.

The statement also said that the projects' teams are considering all options on how to protect their platforms and have hired legal advisers to help.

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    • In January 2021, Alameda Research led a $50 million investment in Maps.me – a mobile alternative to Google Maps with about 100 million users. One month later, it led a $40 million investment round in DeFi broker Oxygen with the hope of integrating Oxygen into Maps.me.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Xinyi Luo
    Xinyi Luo

    Xinyi Luo is CoinDesk Layer 2's features and opinion intern. She does not currently hold any cryptocurrencies.

    Follow @luo_trista on Twitter