The contagion around FTX’s liquidity crisis triggered a state of panic across the crypto market, leaving investors worried that several large players with ties to FTX and Alameda Research could soon go under.
In a statement on Tuesday, institutional crypto investment firm Genesis sought to put investors at peace, saying they had no exposure to the companies.
The FTX and Alameda debacle sent shock waves through the crypto market on Tuesday with many investors now concerned that Alameda’s apparent lack of liquidity will hurt the rest of the market.
“FTX has withdrawn more than 6 billion US dollars of liquidity from the market in the past week,” tweeted Huobi founder Du Jun, cautioning that lending institutions that provided credit to Alameda could be at risk.
According to on-chain data collected by Real World Assets (RWA), Alameda owes more than $30 million to DeFi lending pools.
The trading firm owes $7.28 million to TrueFi with a principal payment due in under 50 days. RWA expects that a missed payment on Nov. 20 would mark the “first sign of trouble.”
Alameda also owes $5.5 million to lenders in Clearpool’s permissioned pool. The two loans originated in mid-September to Apollo and Compound. They do not require interest payments, nor do they have a fixed maturity date, given Clearpool’s protocol mechanics.
Alameda borrowed $20 million worth of Magic Internet Money (MIM) against more than $50 million FTT on cross-blockchain lending platform Abracadabra. The over-collateralized nature of this position means that the protocol will take on minimal losses in case of default, as per RWA’s analysis.
Of the $12 million worth of USDC in Alameda Research’s Portfolio 2, $4.76 is still in idle capital. However, RWA has spotted depositors removing their capital in advance in anticipation of “possible delinquency.”
Although Maple Finance’s lending pool lent Alameda close to $300 million, it holds no active loans with the protocol – something that Maple confirmed in a tweet earlier today.
“One can only speculate about loans outstanding from notable lending desks,” said RWA.”But in DeFi, we can see exactly what the exposures are.”