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-0.01%Reading
Billionaire FTX founder and CEO Sam Bankman-Fried said his exchange has a “responsibility” to bail out ailing crypto companies in times of crisis.
Speaking to NPR this weekend, Bankman-Fried said of the current crypto crash that, “I do feel like we have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion.” He added that, "Even if we weren't the ones who caused it, or weren't involved in it. I think that's what's healthy for the ecosystem, and I want to do what can help it grow and thrive."
The recent cryptocurrency crash has seen Bitcoin plummet to prices below $18,000. The top cryptocurrency has since recovered somewhat, though at its current price of $20,600, it’s still well below half the value it started the year at.
"The core driver of this has been the Fed," Bankman-Fried said, referring to the Federal Reserve's decision to raise interest rates by 0.75%, the largest hike since 1994. This has had a knock-on effect on crypto prices; when fiscal policies tighten, people dump their riskier assets. "Literally, markets are scared,” said Bankman-Fried. “People with money are scared."
The thirty-year-old, who relocated FTX to the Bahamas last September, pointed to the exchange's acquisition of Liquid Group in February as one example of how FTX has bailed out a smaller company.
Episode 1 of the gm podcast: FTX founder and CEO Sam Bankman-Fried joins Dan Roberts and Jeff Roberts for a deep-dive chat on everything from his move to the Bahamas, his sudden crypto fame, what it was like to testify before Congress, where he thinks U.S. crypto regulation is headed, why he's spending so much on sports marketing, and his picks for the 3 most promising blockchains beyond Bitcoin and Ethereum. Watch and make sure to subscribe to the gm podcast on Apple or Spotify.
In August 2021, FTX helped Liquid Group with a $120 million loan to recuperate losses from a $90 million attack that happened when Liquid’s digital wallets were compromised.
"We, I think about 24 hours later, stepped in and gave them a pretty broad line of credit to be able to cover all of their demands, to make sure customers were made whole, while thinking about the longer-term solution."
Bankman-Fried is something of a thought leader in the industry. His Twitter is often a hive of opinions on current industry affairs and speculation on the future of crypto.
Just yesterday, he gave his two cents on the current crisis at Three Arrows Capital (3AC). The crypto hedge fund is rumored to be close to insolvency after allegedly failing to meet margin calls to creditors, including BlockFi and financial services company Genesis. Several big lenders to 3AC, including crypto exchange BitMEX, have now started liquidating their positions.
Sam Bankman-Fried weighed in on the current Three Arrows Capital crisis via Twitter, with the FTX founder and CEO saying it “couldn’t have happened with an on-chain protocol that was transparent.” Singapore-based crypto investment firm 3AC last week was rumored to be insolvent after allegedly failing to meet margin calls from several lenders, including BlockFi and financial services company Genesis, according to the Financial Times. Researchers also claimed via Twitter that the company took out...
Responding to a tweet asking industry figures how best to guard against another crisis like 3AC, Bankman-Fried tweeted “regulation can help here” before following up with, “so can DeFi,” adding the crisis would not have been possible with transparent on-chain decentralized finance apps to keep institutional credit transparent to retail investors.
There’s a wry humor in the fact that Bitcoin has at times been very closely correlated with traditional markets. Bitcoiners generally prefer that BTC not have a high correlation with traditional assets, like stocks and bonds. After all, one of the core tenets of the world’s largest cryptocurrency by market capitalization—$379 billion as of this writing, according to CoinGecko—is that it bypasses traditional finance. That’s why self-avowed Bitcoin fans, like Gemini co-founder Cameron Winklevoss,...
People moving on from the “speculative bubble” that is crypto, NFTs, and meme stocks is a positive sign for the U.S. economy, according to Wall Street heavyweight Ken Griffin. Miami-based trading firm Citadel Securities’ founder said in a Wednesday interview with CNBC that government handouts in 2020, in response to the COVID-19 lockdowns, led to investors pumping their cash into “speculative assets” like NFTs, crypto, and meme stocks. So-called meme stocks, shares of companies that gain a fol...
Institutional investor Bitcoin sentiment turned pessimistic on Friday as short Bitcoin inflows hit an all-time high, according to a new report from CoinShares. Short Bitcoin funds give investors exposure to derivatives, like futures and options, that bet against the price of Bitcoin. While investors can enter into those contracts directly, the CoinShares report tracks the flow of funds for exchange-traded products. By the end of last week, short Bitcoin investment products hit an all-time high...
