FTX CEO Bankman-Fried to the Rescue of the Sinking Ships?

Revenue Growth of FTX Surges by Over 1000% To $1.02B in 2021
  • The Terra crash has affected 3AC, pushing the liquidation limit.
  • Bankman said that he has a few more billions to help the firms.

Sam Bankman Fried, CEO of the largest crypto exchange platform FTX, said that he has spent $2 billion to savor many struggling companies. And he also stated that the company still has a few more billions to help the firm which is going bankrupt.

Bankman fried said in an interview,

We’re starting to get a few more companies reaching out to us……….other big shoes that have to drop

Crypto Winter Prevailing

The crypto downtrend has wiped off many crypto industries, as earlier the Terra and Luna crashed and which affected the Three Arrows Capital (3AC). 3AC entered the court ordered for the liquidation and it affected Voyager Digital too, leading it to bankruptcy.

Celsius has paused the withdrawals and BlockFi is also facing bankruptcy challenges. Bankman expressed that the liquidation crunch trend has been passed. Since the big domains are facing & fallen down and the damage from the collapse of Terra, Celsius, and 3AC, and few others reached out to FTX for help and then he said the FTX shareholders have a duty to reasonable things and he also said that they feel more pleasant  by investing their own money.

In response to the BlockFi, FTX offered the lender $250 million in revolving credits and disclosed that it had executed a term sheet to guarantee the line of credit.

Quant trading shop Alameda Research, which was created separately, provided cryptocurrency lender Voyager Digital with a line of credit for $1,500 in bitcoin and $200 million in cash as a USDC revolver.

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