Liquid Meta Provides Update on Ronin Network

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

On March 29, 2022, the Ronin Network announced a security breach whereby the 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, certain DEX’s and the Ronin blockchain were halted and the support teams of the Ronin blockchain immediately attempted to try and recover these funds. The funds that have been compromised on the bridge serve as collateral to a portion of the assets held on the Ronin network, and if this collateral is not recovered it could have an impact on the price of these assets.

Liquid Meta has provided liquidity to a liquidity pool on a DEX that exists on the Ronin blockchain, and which is interconnected to the bridge that experienced the security breach.  This DEX is currently halted pending an update by Sky Mavis and the Ronin teams. 

“Although we did not have any direct exposure to the hack on the Ronin bridge, Liquid Meta has approximately $2.3 million of exposure on the Ronin network DEX,” said Jonathan Wiesblatt, CEO of Liquid Meta.  “This represents approximately 10% of our total liquidity 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 in the process of outlining how to best move forward.  It is important to note that our liquidity on the Ronin network DEX is currently safe while Sky Mavis and the team at the Ronin Blockchain work to resolve the issues with the breach.”

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

About Liquid Meta

Liquid Meta is a decentralized finance infrastructure and technology company that is powering the next generation of open-access protocols and applications. The Company is creating the bridge between traditional and decentralized finance while ushering in a new era of financial infrastructure that benefits anyone, anywhere.

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

Forward-Looking statements

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, 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”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken 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 which may cause the actual results, performance or achievements of Liquid Meta to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risks and Uncertainties” in the Company’s Filing Statement dated as of December 17, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Liquid Meta disclaims, other than 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 adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact 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, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in 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 finance its operations.

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SOURCE Liquid Meta Capital Holdings Ltd