Kyoko Funds Are Safu Amid FTX Scandal
Hello Kyokoans, we’ll keep this brief.
In light of recent events in the crypto industry, we’ve received a few questions from the community about the state of Kyoko’s finances and whether we’ve been exposed to the FTX fallout.
First and foremost, our hearts go out to everyone that has been affected. The things we are learning about what SBF did and how he structured the relationship between FTX and Alameda are shocking. This was wholly and completely a predatory operation that we’ll be feeling the aftereffects of for the foreseeable future. For anyone who lost money on FTX, stay positive — put down your phones, disconnect from your devices, spend time with your family, and gets some fresh air.
Regarding Kyoko, we’ve been unaffected by the event. Our reserves are 100% safe and in our control. From Luna, to Celsius, and now FTX, our priority has always been to ensure that our project and platform funds are — and always will be — 100% secure. This is our commitment to you and it’s our commitment to Kyoko’s future.
There are lessons to take away from this. Most importantly, keep your crypto in your own wallets. Do NOT store it on exchanges. Your keys, your coins. Lastly, crypto is still in its very early stages and we are all early adopters. There are risks here that do not exist in more mature markets. Never invest more than what you can afford to lose.
Stay safu out there, Kyokoans. You are going to make it. WE are going to make it.