Economic network

Liquid Meta Provides Update On The Ronin Network

VANCOUVER, BC, April 1, 2022 /PRNewswire/ – Liquid Meta Capital Holdings Ltd. (“Liquid meta“or the”Company“) (NEO: LIQD) (FRANKFURT: N5F), a decentralized financial infrastructure and technology company focused on bridging the gap between traditional and decentralized finance, provided an update today on its exposure to a decentralized exchange (DEX) which is part of the Ronin blockchain ecosystem, owned by Sky Mavis.

At March 29, 2022the Ronin network announced a security breach whereby Sky Mavis’ Ronin validator nodes were compromised resulting in 173,600 Ethereum and 25.5M USDC being drained from the Ronin Bridge in two transactions. As a result of the hack, some DEXs and the Ronin blockchain were shut down and Ronin blockchain support teams immediately attempted to try and recover those funds. The funds that have been compromised on the bridge serve as collateral for a portion of the assets held on the Ronin Network, and if that collateral is not recovered, it could impact the price of those assets.

Liquid Meta provided liquidity to a liquidity pool on a DEX that exists on the Ronin blockchain and is interconnected to the bridge that suffered the breach. This DEX is currently shut down pending an update by Sky Mavis and Ronin teams.

“While we had no direct exposure to the Ronin Bridge hack, Liquid Meta has approximately $2.3 million exposure on the Ronin DEX network,” said Jonathan WiesblattCEO of Liquid Meta. “This represents approximately 10% of our total cash deployed, in line with our ongoing deployment strategy and internal risk criteria and as a result of which we wanted to provide this update to the market. There is currently an active investigation into the breach and Ronin, Axie Infinity/Sky Mavis are defining the best way forward. It is important to note that our liquidity on the Ronin DEX network is currently safe while Sky Mavis and the Ronin Blockchain team is working to resolve the issues related to the breach.”

Mr. Wiesblatt also stated “Liquid Meta’s mission is to provide access and transparency to the world of DeFi. We are aware of the risks that are part of this nascent industry. While our blockchain and DEX risk assessment met all our internal risk criteria and controls, we recognize that we are also part of a larger ecosystem that is interconnected. The Company will provide additional updates as they are received and as appropriate.”

About Liquid Meta

Liquid Meta is a decentralized financial infrastructure and technology company powering the next generation of open source protocols and applications. The company is bridging traditional and decentralized finance while ushering in a new era of financial infrastructure that benefits everyone, everywhere.

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Caution notice

Neo Exchange has not reviewed or approved this press release for the adequacy or accuracy of its contents.

Forward-looking statements

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical facts, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Any statement involving discussion of predictions, expectations, beliefs, plans, projections, goals, assumptions, future events or performance (often, but not always, using phrases such as “expects “, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budgets”, “expects”, “expects”, “estimates”, “believes ” or “intends” or variations of these words and expressions or indicating that certain actions, events or results “might” or “may”, “will”, “could” or “will” be expected to occur or be achieved ) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Liquid Meta’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the heading “Risks and Uncertainties” in the company’s filing statement dated December 17, 2021 which may be viewed on SEDAR at www.sedar.com. The forward-looking statements contained herein are made as of the date of this press release and Liquid Meta disclaims, except as required by law, any obligation to update any forward-looking statements, whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Liquid Meta’s operations could be significantly affected by the effects of a generalized worldwide outbreak of a contagious disease, including the recent outbreak of disease caused by COVID-19. It is not possible to accurately predict the impact that COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, severity of illness , the duration of the outbreak, and the duration of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could lead to a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to fund its operations. .

SOURCE Liquid Meta Capital Holdings Ltd