September 25, 2022

Sam Bankman-Fried accused crypto giants of indifference to weakened companies

Sam Bankman-Fried accused crypto giants of indifference to weakened companies

Sam Bankman-Fried, CEO of Bitcoin exchange FTX, said on the Decrypt podcast that he doesn't want to be the only one who saves "sick" companies in the cryptocurrency industry.

According to him, other giants in the field of digital assets have not provided any support.

“I would be glad if others did it.I would be very happy if others took over for me. To be honest, I'm doing this because I'm not sure what someone else will do," Bankman-Fried explained.

He said that FTX has reached out to other unnamed crypto companies to join forces to “rescue” the industry. According to him, most of them refused the offer.

He Yi, co-founder of the Binance bitcoin exchange, explained to Decrypt that the company is interested in investing in long-term players that will benefit the industry and users.

“Last week, Binance announced $7.5 billion in venture arm. We are working on a number of deals that we will announce when the time is right,” she added.

Earlier, Binance CEO Changpeng Zhao stated thatthe company is in "rescue talks" with more than 50 firms. In his opinion, the crypto winter is a great time to expand the team and further develop the business through various acquisitions.

Wave of Consolidation: Why FTX and Binance Invest Billions in Troubled Companies


Recall that in June FTX opened a crypto-lendinga $250 million revolving line of credit to BlockFi platform. A few days earlier, Alameda Research, a Bankman-Freed affiliate, provided Voyager Digital with a $500 million loan.

Subsequently, the US division of FTX issued another $400 million revolving loan to BlockFi, obtaining an option to acquire the platform for $240 million.

In August, Bloomberg reported that Bankman-Fried and Tron Foundation founder Justin Sun were interested in acquiring a 58% stake in the Huobi bitcoin exchange.

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