Asia’s cryptocurrency community is “on the path of moving on” from the FTX fiasco, following the arrest of FTX founder Sam Bankman-Fried, said Yat Siu, cofounder and chairman of Hong Kong-based blockchain gaming studio and venture capital firm Animoca Brands.

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Fast facts

  • Siu told Forkast in an interview on Thursday at the NFT Taipei conference that “we’re [the Asian crypto community] moving towards a close with the chapter with [Bankman-Fried’s] arrest.”
  • “I would say that the FTX’s situation is becoming a Western narrative, but because of Western narrative is influential, we hear about it, but I don’t think we care as much about it,” Siu said.
  • He added: “The biggest damage with FTX was not so much financial. Terra was much bigger in terms of its damage but was because he [Bankman-Fried] was so high profile, it was more of a reputational damage and an institutional damage,  and in particular, an institutional American damage.”
  • Siu said Animoca was not very much affected by the FTX event and the firm “had some small trading stuff in FTX” and was not heavily exposed to the Solana ecosystem.
  • The Bahamian police arrested Bankman-Fried on Monday at the request of U.S. authorities on charges of fraud and money laundering.

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