VANCOUVER, BC, June 28, 2022 /CNW/ - 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 the reopening of the Ronin bridge.
Liquid Meta had previously 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 on April 1, 2022. We are pleased to report that none of our exposure to the Ronin Network security breach resulted in a reduction of our capital base and, we were able to continue collecting fees from the liquidity pools we were mining for the full duration of the bridge closure.
Sky Mavis announced that the Ronin bridge is officially open and ready for use. Users, including liquidity providers such as Liquid Meta can now easily make deposits and withdrawals to and from the Ronin (RON) network.
"The team at Ronin Network, Sky Mavis, investors, users of the Network and affiliated DEX's reacted quickly and efficiently to the security breach back in April," said Jonathan Wiesblatt, CEO of Liquid Meta. "Our team continued to operate on the DEX where we were exposed and collected the yield for the entire time the bridge remained offline. Additionally, our proprietary hedging strategies were able to insulate Liquid Meta's exposure to the decline in asset valuations of tokens used to mine liquidity on the DEX. Liquid Meta's technology platform and experienced team responded quickly and made the appropriate adjustments resulting in the preservation of our capital at risk and the continued collection of yields on the DEX. Liquid Meta's operating processes including an active hedging platform, robust risk management and analysis of all blockchains, DEX's and Liquidity Pools has and will continue to remain consistent across all our Liquidity Mining operations."
Mr. Wiesblatt continued, "Crypto markets have undergone a significant deleveraging environment since late 2021. Liquid Meta has been able to navigate this environment well and continues to remain focused on generation of stable and consistent yields in DeFi while preserving its capital base and balance sheet. The company remains in a solid position to expand its Liquidity Mining operations and enhance shareholder value."
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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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
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