Yat Siu is a name that often pops up in the world of Web3 and in a recent letter the Animoca Brands CEO shares his thoughts on the current state of events after the FTX fall. The Animoca Brands co-founder and executive chairman shared a letter that details his thought on the state of Web3 in a clear move to calm nerves and assert the stability and power of his brands.
FTX is – or shall we say was – one of the world’s largest crypto exchanges, so the wide-ranging impact that swept the crypto market when the company filed for bankruptcy is still being calculated and will have repercussions for months to come. As a result of this, Alameda Research and over 100 FTX-affiliated companies all find themselves in a difficult position. CEO Sam Bankman-Fried also stepped down as CEO, replaced by John Jay Ray III. You can read what he had to say about the situation in our previous article.
The impact of FTX’s fall has seen somewhat of a domino effect in the crypto market as losses and uncertainty clouds the market. In light of this, confirmed Web3 advocate Yat Siu, co-founder of Animoca Brands — the company behind near countless metaverse and blockchain games and partnerships — has released a ‘chairman’s letter’ to share his thoughts on the current state of affairs.
Powering through a difficult time
Siu comments in the letter stating, “It is fair to say that many of us, myself included, are very upset by the events of the last several days. I am not particularly upset at the drop in token prices; in fact recent developments would suggest more resilience in the market as compared to five months ago and we view them simply as moments in history especially when you consider what our industry looked like five years ago.”
He goes on to say “No, I am upset that the important work on making the web decentralised, free from central power structures that continue to abuse their disproportionate power, is once again being overshadowed by a very few irresponsible actors. Very few.”
Yat Siu is determined to back Web3 and notes that the actions of the few should not dominate the goodwill that other industry figures are trying to build within the space. Siu states that while the events of recent weeks have been “an attack on our reputation as an industry” conversations should instead be focused on talking about protecting creator royalties, ensuring teachers can make fair pay and how many Web3 projects — including over 380 companies under Animoca Brands investments — are “using Web3 to try to make the world a better place”.
“May be a bit tougher now”
The letter goes on to say that while things “may be a bit tougher now” for those working within the space and many may be feeling discouraged, it is important to keep pushing forward as the work they are doing is “contributing to the foundations that will change the future of our digital existence”.
Yat Siu detailed that Animoca Brands exposure to FTX is limited to a non-material trading balance and that the company itself remains financially strong with a cash balance of approximately $214 million, digital assets of up to $940 million, and a further $3 billion of off-balance sheet digital reserves. Siu ends his letter by thanking those that support Animoca Brands and that, during this difficult time, the company is preparing to support others through this period.
This article was originally published on BlockchainGamer.biz.
Paige Cook is a writer with a multi-media background. She has experience covering video games and technology and also has freelance experience in video editing, graphic design, and photography. Paige is a massive fan of the movie industry and loves a good TV show, if she is not watching something interesting then she's probably playing video games or buried in a good book. Her latest addiction is virtual photography and currently spends far too much time taking pretty pictures in games rather than actually finishing them.
