FTX CEO Sets His Sights on Acquiring Distressed Mining Companies Next - Aliens: AI Crypto News & Markets Updates
Logo
Logo

Feed

Coins

About

Latest

Bitcoin

Ethereum

NFT

Gaming

Policy

Blockchain

Altcoins

FTX CEO Sets His Sights on Acquiring Distressed Mining Companies Next

PublisherPublisher
BeInCrypto

Sat, Jul 02, 2022

Banner

Aliens TLDR

FTX billionaire Sam Bankman-Fried is eyeing distressed mining companies as potential acquisitions next after extending a credit line to BlockFi. The CEO of the exchange wants to stem the contagion affecting lenders and borrowers during the current bear market.

And Bankman-Fried’s other firm, Alameda Research, is providing a credit facility to crypto broker Voyager Digital after the company announced that embattled hedge fund Three Arrows Capital had defaulted on a $660 million loan.

For now, Bankman-Fried is focusing on mining companies struggling for enough cash to pay off their loans, which has an adverse effect on lenders’ balance sheets.

Canadian miner Bitfarms recently took out a loan from New York Digital Investment Group secured against mining ASICs. Anthony Scaramucci, who recently appeared on CNBC advising investors to remain disciplined during the current market downturn, went on record as saying that Bankman-Fried’s assistance of cryptocurrency firms draws comparisons with John Pierpont Morgan’s role as a lender of last resort to banks during the 1907 banking crisis.

Read full article on Aliens appRead from Original Source

The best experience is on the app

Everything happening in the crypto world, in real time

app

Recommended Stories

Article list item background

Litecoin falls beneath a bullish order block, could $40 be next target

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the opinion of the writer. Just a week ago, Litecoin [LTC] rallied to the $61 level but faced rejection there. This was a bearish development, especially for long-term investors. The market structure continued to remain bearish, and […]
AMB Crypto
·

Jul 3

Altcoin

Recommended Stories

Article

AAVE traders have this in store for coming days after bearish pennant’s…

Article

Assessing the odds of The Sandbox [SAND] falling below $1 mark

Article

Axie Infinity: Risk would be to buy range lows with a stop-loss at…

Article

Stellar: Factors that didn’t play in favor of XLM’s rally despite…

Article

Bitcoin, Ethereum and Altcoins Present Signs of Incoming Price Turnaround; Here’s When

Article

BTC, SOL and AVAX Price Analysis for July 2

Article

3 Reasons Why Bitcoin Might Retrace in Upcoming Week and Reach $22,000

The best experience is on the app

Download app to discover exclusive content, live market updates and more.

Get smarter and richer with the Aliens Crypto Digest

Stay informed and entertained, for free.

Follow Aliens

Advertise