Sam Bankman-Fried Still Has A Few Billion Dollars To Trade If Necessary
Bankman-Fried, 30, from California but headquartered in the Bahamas where FTX is domiciled, has emerged as crypto’s white knight in recent weeks, rescuing digital asset platforms that have stumbled as cryptocurrency prices have plummeted. Bitcoin is fallen around 70% from its all-time high of nearly $69,000 in November.
Mr. Bankman-Fried claimed to have done so to prevent a chain collapse in the market but admitted more companies would go bankrupt and is said to have refused to help Celsius because the lending platform is losing $2 billion.
In the latest development, the CEO of FTX exchange revealed that in the past time, he has used money from FTX Ventures, a $2 billion investment fund established in January 2022, to provide relief. Mr. Sam Bankman-Fried stated:
“It does get increasingly expensive with each one of these. If all that mattered was one single event, we could get above a couple billion.”
The crash in cryptocurrency prices, referred to as “crypto winter,” may have bottomed, as prices have stabilized, but it will largely depend on the macro-economic situation, said Bankman-Fried, a 2014 graduate of the Massachusetts Institute of Technology.
“I don’t think it’s an existential threat to the industry, but I do think it is a fair bit worse that I would have anticipated.”
Bankman-Fried started his career in finance at quantitative trading firm Jane Street, then founded crypto trading firm Alameda Research and in 2019 set up FTX, which was valued in January at $32 billion.
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