TechFlow news — Pantera Capital took to Twitter on the one-year anniversary of FTX's collapse to reflect on lessons learned. Pantera stated that after news emerged about FTX and Alameda's financial troubles, the team quickly established a war room to assess the impact on its portfolio, aiming to identify all potential risks and provide support to high-risk teams.
Pantera had previously activated similar war rooms during the 2018 crypto winter, the Three Arrows Capital bankruptcy, the LUNA collapse, and the banking crisis. After identifying all potential risks—such as custody, counterparty, and investment exposures—the firm worked closely with affected teams to reduce further risk exposure. Less than 5% of Pantera’s portfolio companies were significantly impacted.
Pantera also shared several insights regarding team building in the crypto space:
1. Establish internal processes to minimize the time any assets remain on any exchange or third party;
2. Implement multi-signature procedures for all asset transfers to eliminate single points of control;
3. Diversify both on-chain and off-chain counterparty risk by engaging with as many custodians, exchanges, and banks as possible;
4. Maintain company funds in liquid form wherever possible to avoid unnecessary principal risk, and ensure bank accounts stay within FDIC insurance limits;
5. Move assets from mixed omnibus accounts to on-chain segregated wallets.
