Tokens of Alameda-Backed DeFi Projects Maps.me and Oxygen Locked Up at FTX

Alameda Research led funding rounds into both companies in 2021.

By Xinyi Luo

Nov 15, 2022 at 7:10 p.m. UTC

Updated Nov 15, 2022 at 7:47 p.m. UTC

CDCROP: Oxygen and Maps.Me at Solana Hacker House Miami (Danny Nelson/CoinDesk) — Maps.me and Oxygen, two DeFi projects backed by Sam Bankman-Fried’s Alameda Research, are considering their options. (Danny Nelson/CoinDesk)

Xinyi Luo

Xinyi Luo is CoinDesk Layer 2's features and opinion intern. She does not currently hold any cryptocurrencies.

Follow @luo_trista on Twitter

Maps.me and Oxygen, two decentralized finance (DeFi) projects backed by disgraced entrepreneur Sam Bankman-Fried’s beleaguered Alameda Research, said in a statement Tuesday that over 95% of the overall supply of their tokens are being held at bankrupt crypto exchange FTX.

The statement also said that the projects' teams are considering all options on how to protect their platforms and have hired legal advisers to help.

In January 2021, Alameda Research led a $50 million investment in Maps.me – a mobile alternative to Google Maps with about 100 million users. One month later, it led a $40 million investment round in DeFi broker Oxygen with the hope of integrating Oxygen into Maps.me.

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