https://techcrunch.com/2022/11/14/african-web3-startup-nestcoin-declares-it-held-its-assests-in-ftx-lays-off-employees/

African web3 startup Nestcoin has laid off some employees as FTX’s demise impacted its business. This information was shared by the startup’s CEO, Yele Bademosi, who, in a tweet, said FTX’s fall from grace affected his one-year-old startup, which held its assets (cash and stablecoins) in the now-defunct crypto exchange to manage operational expenses.

Since Sam Bankman-Fried’s crypto empire — made up of FTX, Alameda Research, and FTX Ventures — collapsed last week, there have been various reports of companies whose money are stuck on FTX, its crypto exchange platform. Some of them include Galois Capital, a hedge fund with half of its assets stuck on FTX; Genesis Trading, which had about $175 million locked on the crypto exchange; Multicoin Capital, the famed web3 venture capital firm that had nearly 10% of its assets under management trapped. Nestcoin joins that list with more names becoming known by the day; it seems all Nestcoin’s assets (cash and stablecoins) are stuck on FTX.