TechFlow news, November 12 — Michael Wagner, founder of Star Atlas, a game metaverse built on Solana, released an open letter stating that the project faced "significant cash risk" due to deposits held at FTX. Following FTX's collapse, the project's available cash would be cut in half. "I believed this liquid cash position was held by a reliable and trustworthy institution. I placed my confidence and trust in someone I thought was a pillar of the industry," said Michael Wagner. "Clearly, that trust has been betrayed. Poor timing, and the failure to implement sufficient contingency measures to quickly respond to such a situation, have harmed the project. That is my responsibility, and for that, I am sorry."
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