Blog Banner: Covalent has no exposure to FTX

Covalent has no exposure to FTX

Vancouver, BC, November 10th, 2022 – In the light of the recent developments with regards to FTX, we want to provide full transparency over Covalent’s relationship with FTX / Alameda.

We do not have any operational exposure to FTX/FTT and do not hold any portion of our treasury on the FTX exchange.

Alameda Research was a private sale participant from Covalent’s Seed private sale with less than 0.18% of the CQT supply. Alameda Research was also one of our market makers as of June 2021, a relationship which we discontinued in June 2022. Any CQT related to the market maker relationship has been returned. There is no other business or involvement between Covalent and Alameda Research or FTX.

It is not advisable to purchase or deposit CQT in the FTX exchange as of now. We urge CQT holders to remove their CQT from FTX if and when possible.