FTX CEO Sam Bankman-Fried Turns Up to Deny Yet Another Rumor

FTX Exchange CEO Denies Rumors of Acquiring Huobi Global
  • SBF confirmed that FTX is not open to acquire crypto mining firms.
  • Earlier, FTX had provided more than $240 million credit line to BlockFi.

Sam Bankman-Fried (SBF), the founder of cryptocurrency exchange FTX, declined the latest rumor surrounding the company. On Saturday, SBF cleared the speculation through a tweet that FTX is not looking to acquire crypto mining companies, which are going through financial difficulties. Even though, FTX is “happy to have conversations” with crypto mining firms, according to the tweet.

Rumors Going Around FTX

In a recent interview, SBF stated:

“There might come along a really compelling opportunity for us, I definitely don’t want to discount that possibility”. 

The rumor came out from the real concept of the statement as FTX is ready to obtain troubled crypto miners, which compelled SBF to declare as the company not particularly looking at miners. In the interview, the CEO of FTX also expressed that, there is no acquisition synergy and crypto miners do not fit into the company’s primary goal.

In addition to this, there was another report regarding FTX in late June, that the firm is planning to buy a crypto brokerage named Robinhood Markets, but SBF denied the report.

The Bahamian crypto exchange, FTX, has already recovered many crypto companies, including BlockFi and Voyager Digital, from financial crashes and high risks even during the time of the bear market. Recently, FTX provided up to a $240 million credit line to BlockFi. The crypto platform was also rumored that the company agreed to acquire $25 million from FTX, but it was denied by Zac Prince, the CEO of BlockFi. FTX also rumored to have proceeded with a deal to purchase Celsius, due to their poor balance sheet. 

Billionaire Sam Bankman-Fried is planning to expand acquisitions to increase product offerings. He still keeps support to the entire crypto ecosystem amid bearish conditions in the global crypto market. 

 Recommended For You: 

A passionate content writer, particularly interested in sports writing. Always keen to explore crypto world.