Crypto Guide

Sam Bankman-Fried denies report FTX plans to buy stake in Huobi

International crypto change FTX won’t purchase a majority stake in Huobi, based on CEO Sam Bankman-Fried, or SBF.

In a tweet on Monday, the SBF clearly denied A Bloomberg report that claimed that FTX was planning to purchase crypto change Huobi. Cointelegraph reported on August 12 that Huobi co-founder Leon Li was contemplating promoting his majority stake within the firm, which was valued at greater than $1 billion.

“We aren’t planning to amass Huobi,” the SBF stated.

Led by SBF, each FTX and Alameda Analysis have ventured into the midst of a bear market someday within the midst of a bear market to bail out crypto companies dealing with liquidity points. In a June NPR interview, Bankman-Fried stated each corporations had a accountability to “significantly take into account taking steps, even when it harms itself, to stop an infection” as a result of it was “wholesome for the ecosystem”. Will occur.

He couple In a tweet dated June 19:

“We need to assist them within the ecosystem, and have no real interest in hurting them – it simply hurts us and the ecosystem as an entire.”

In June, Alameda supplied Voyager Digital a $200 million greenback coin (USDC) mortgage and a “revolving line of credit score” of 15,000 bitcoin (BTC), which was valued at about $300 million on the time. FTX additionally supplied a $250 million revolving credit score facility to BlockFi, an organization that grew by nearly 250,000% in 2022 regardless of chopping 20% ​​of its workforce.

associated: SEC’s Hester Peirce Opposes Crypto Bailouts – SBF Did not Obtain Memo

FTX has made a number of high-profile acquisitions earlier than and through the current market downturn, together with shopping for cryptocurrency change Bitvo in July as a part of its transfer into the Canadian market and shopping for Japan-based Liquid Group and its subsidiaries in February. introduced plans. Nevertheless, in August regulators focused FTX US for allegedly falsely representing deposit insurance coverage associated to crypto holdings.