Aptos-based Mojito Market suspends operation because of FTX crash News ▸ FTX ▸ Aptos ▸ Bear Market
Aptos-based Mojito Market suspends operation because of FTX crash
Mojito said its efforts to raise new funding failed because of the current bear market situation.
1 min read
Updated: Jun. 23, 2023 at 10:38 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Aptos-based (APT) crypto platform Mojito Markets announced the suspension of its operations because the FTX Alameda crash significantly impacted it.
According to a Dec. 19 blog post, the prediction market platform revealed that it lost its project funds that were custodied on the bankrupt exchange FTX. It added that Alameda’s crash also means it no longer has a market maker. The project’s core team also lost most of their funds to the FTX’s implosion.
Mojito said its efforts to raise new funding failed because of the current bear market situation. This has significantly hampered its ability to deliver on its project plan.
Having come to terms with its situation, the team has “decided to pause project development for the time being.” It said:
“When the capital/funding situation becomes better, Mojito Markets intends to pick up where we left off but also go multi-chain to maximize exposure of the protocol, whilst also tapping into universal cross-chain liquidity.”
Meanwhile, the platform stated its next plan was to remint the MOJO token on Ethereum (ETH). Mojito said this would be the first step in the project’s multi-chain journey when it eventually relaunches.
Mojito did not provide further information on when it would likely relaunch or when its next plan would commence. According to the blog post, more information would be released later, and the project will resume when the “macroeconomic situation is better and we can successfully fund the project.”
As of press time, Mojito Markets did not respond to CryptoSlate’s request for comments.
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