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  • Writer's pictureKyle

"SUPER LIMITED EXPOSURE": Garga Said That Yuga Labs' Business Won't Be Impacted By SVB Fallout

As the entire crypto space watched the Silicon Valley Bank fallout on Friday, Yuga Labs’ Co-Founder Garga informed the Yugaverse that the company had “super limited exposure” to the now failed bank.

“We have super limited financial exposure,” Garga wrote in the Club’s Discord sever. “Thankfully doesn’t impact our business or plans in any way. Know that may not be the case for other crypto/ tech companies so trying to be supportive.”

Following Garga’s post, the Bored Ape Gazette reached out to Yuga for additional information but did not immediately hear back.

During the fall of FTX in November 2022, Yuga Labs Co-Founder, Gordon Goner, told the community that Yuga Labs’ money is in Coinbase Custody, bank accounts and T-Bills.

“It hasn’t affected us," Goner tweeted on November 11th, 2022. “We never used though some of our partners did. We had some money on but we moved it out earlier in the week. Heart goes out to anyone who has been hurt by this insanity. FYI, here's all the ETH we had on http://FTX.US (shows up as blockfolio on etherscan) getting moved to CB Custody earlier in the week. Gets all moved around in CB as part of their system after this tx so beware amateur etherscan sleuths. Almost everything else is in bank accounts and T-bills. Appreciate people have concerns. But we’re fine.”

The Bored Ape Gazette will continue to follow this story. Stay tuned for updates!

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Latif Dena
Latif Dena
Mar 13, 2023

Rley Site

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