Mojito Markets halts operations after FTX collapse

The decentralized betting platform Mojito Markets on the Aptos blockchain announced it was halting operations due to the consequences of the FTX and Alameda collapse.

Full project update here: https://t.co/KSzDs25SA4

1/ The FTX/Alameda crash disproportionately affected Mojito Markets in many ways. We lost project funds that were under the custody of FTX, we lost our market maker, Alameda

— Mojito Markets (@MojitoMarkets) December 19, 2022

“We lost the project funds that were held by FTX, and we lost Alameda as our market maker,” the developers explained.

According to them, they also lost personal assets on the crashed exchange.

The Mojito Markets team acknowledged difficulties in securing urgent financing in a bear market.

“We have come to terms with reality and decided to suspend the project’s execution,” the developers wrote.

After resuming operations, they plan to take a number of measures to bolster Mojito’s resilience.

The team intends to reissue the MOJO token on Ethereum instead of Aptos.

This step is intended to ease the transition to multi-network support. The implementation of a multi-chain solution will increase the protocol’s accessibility and ease access to liquidity, reducing dependence on market makers, the developers say.

The MOJO price from its November 3 high of $0.028 has fallen 92.8%, according to CoinGecko. The token trades at around $0.002. The only market is the Gate.io platform.

According to Jefferies Financial Group analysts, FTX creditors can expect a return of no more than 40% of their funds.

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