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The ghost of FTX continues to haunt crypto companies, including those seeking to go public or that just went public.

Sometimes it's in risk factors sections. Sometimes it's that the issuer picked at FTX's carcass. Sometimes it's both.

Take the case of Miami International (aka MIAX), a Warburg Pincus-backed exchange operator that last week raised $397 million in its IPO.

In 2023, it acquired crypto derivatives company LedgerX from FTX for just $35 million, but has significantly pulled back from LedgerX's original vision and discontinued its main product.

It also asked LedgerX customers to withdraw all crypto asset deposits to lower risks associated with custody.

MIAX also acquired Bermuda Stock Exchange, which would later publish its data to the decentralized Pyth Network.

But then it lost access to Pyth tokens, because they were held in an FTX account.

BSX and Pyth later inked a replacement token agreement, with BSX already cashing out half for $68.8 million. It still has 250 million locked tokens to be distributed through 2027.

Then there's Gemini, which this week flipped its S-1. 

Shortly after FTX's collapse in late 2022, Gemini was forced to pause withdrawals on its interest-bearing Earn product. Its partner on the product, Genesis, had paused new loan originations and redemptions — and later filed for bankruptcy. 

Some 232,000 users lost access to $1.1 billion in digital assets that day. While user funds were completely recovered, Gemini is still facing 109 arbitrations filed by Earn users.

The SEC also sued Gemini, alleging it sold unregistered securities via Earn. The two have until Sept 15 to explore potential resolutions.

Finally, there's Figure, which filed for an IPO on Monday.

It acquired discounted Solana via auction via the FTX bankruptcy proceedings. It reportedly paid $80 million or $102 per token. Today, Solana sits at $177.6 apiece.

The bottom line: FTX is gone. But not forgotten.

Ghosts of FTX emerge in crypto IPO filings

Sometimes it's in risk factors sections. Sometimes it's that the issuer picked at FTX's carcass.

Animated illustration of a haunted house with three ghosts coming out of it.

<p>The ghost of FTX continues to haunt crypto companies, including those seeking to go public or that just went public.</p><ul><li>Sometimes it&#x27;s in risk factors sections. Sometimes it&#x27;s that the issuer picked at FTX&#x27;s carcass. Sometimes it&#x27;s both.</li></ul>

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Ghosts of FTX emerge in crypto IPO filings

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