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Cryptoknowmics 2022-07-07 07:49:09

Sam Bankman-Fried Says FTX Has ‘A Few Billion’ For Further Bailouts

Sam Bankman-Fried, the founder and CEO of FTX, has said the company has “a few billion” to bail out struggling cryptocurrency companies. Sam Bankman-Fried Wants to Save Crypto from Chaos Appearing in a recent interview with Reuters, Bankman-Fried, who has already extended hundreds of millions in revolving lines of credit and been the center of takeover rumors said that FTX has enough cash to do a $2 billion deal if needed. “We’re starting to get a few more companies reaching out to us,” Bankman-Fried said in an interview. Those firms are generally not in dire situations, though some smaller crypto exchanges may still fail, he said, adding that the industry has moved beyond “other big shoes that have to drop.” Bankman-Fried’s crypto-trading firm, Alameda Research, gave crypto-lender Voyager Digital a $200 million cash and stablecoin revolving credit facility, and a facility of bitcoin, after Three Arrows Capital (3AC) defaulted on a $665 million loan. On Wednesday, Voyager filed for Chapter 11 bankruptcy. FTX also entered a $680 million agreement with cryptocurrency lender BlockFi, which included a $400 million revolving credit facility and an option to acquire the firm at $240 million, conditional on approval by shareholders. SBF said that in some cases, he used his own money and that it wasn’t FTX’s sole responsibility to give stability to the market. He further added, “The company has shareholders and we have a duty to do re...

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