•FTX customers around the world have assets frozen on the cryptocurrency exchange after its sudden collapse last week, apparently to the tune of billions of dollars’ worth in total.
• This includes major music and sports brands that partnered with FTX, such as concert festivals Coachella and Tomorrowland, NBA star Steph Curry’s 2974 NFT collection, and Formula One-themed NFTs from the Mercedes-AMG Petronas racing team.
• Users in Coachella’s Discord server are reporting that they cannot transfer their purchased NFTs out from their FTX wallets. Others say that the Coachella NFTs held in their self-custody wallets aren’t displaying artwork.
• In a statement to Decrypt today, Coachella Innovation Lead Sam Schoonover affirmed that the festival is trying to formulate a response for NFT holders. “We’re actively working on solutions and are confident we
Blog Introduction: Last week, the cryptocurrency exchange FTX suddenly collapsed, leaving customers around the world out of pocket. This includes major music and sports brands that had partnered with FTX, such as concert festivals Coachella and Tomorrowland, NBA star Steph Curry’s 2974 NFT collection, and Formula One-themed NFTs from the Mercedes-AMG Petronas racing team.
In a statement to Decrypt today, Coachella Innovation Lead Sam Schoonover said: “We’re actively working on solutions and are confident we will be able to help our fans who have invested in these assets.” It’s unclear at this point how much value has been lost as a result of FTX’s collapse. The exchange had been in trouble for some time; it halted user withdrawals in December and filed for bankruptcy a week ago.
The Aftermath of FTX’s Collapse
As word of FTX’s collapse began to spread, customers attempted to log into their accounts only to find that they were unable to access their assets. For many, this meant hundreds or even thousands of dollars’ worth of cryptocurrency and NFTs that were now frozen and inaccessible. Music and sports fans who had purchased NFTs through the exchange were particularly affected, as they were unable to access the tickets or artwork associated with their purchases.
In some cases, concertgoers who had already purchased tickets found that they were unable to print them out or transfer them to another account. Others discovered that the NFTs they had bought were no longer displaying the artwork they had paid for. Many users took to social media and online forums to vent their frustration and seek answers from FTX and its CEO , but so far there has been no response.
What’s Next for Affected Customers?
For now, affected customers can do little more than wait and hope for answers from FTX or other official sources. In the meantime, some have turned to customer support channels in an attempt to resolve their issues, but it remains to be seen whether or not this will be successful. It’s also possible that affected customers will pursue legal action against FTX in an effort to recover their losses. However, given the current state of affairs, it seems unlikely that anyone will be able to get their money back anytime soon.
Gone for good?
Thousands of customers around the world are left scrambling after the sudden collapse of cryptocurrency exchange FTX last week. Among those affected are major music and sports brands that had partnered with FTX, such as concert festivals Coachella and Tomorrowland, NBA star Steph Curry’s 2974 NFT collection, and Formula One-themed NFTs from the Mercedes-AMG Petronas racing team. For now, affected customers can do little more than wait for answers from FTX or other official sources. It remains to be seen what will become of their lost assets.
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