– FTX CEO Sam Bankman-Fried (SBF) is offering handouts to several gutted crypto firms.
– In the last month or so, he has come to the rescue of BlockFi and Voyager Digital, providing emergency relief funds worth nearly $750 million.
– SBF is not the only crypto billionaire looking to rescue insolvent crypto companies.
– TRON CEO Justin Sun said he’s prepared to shell out up to $5 billion to help beleaguered firms.
– Binance CEO Changpeng Zhao is also looking to join the bailout bonanza by “saving multiple projects.”
– The Terra crash has pushed several firms to bankruptcy, forcing them to look for potential investors who can infuse cash and keep them afloat.
– BlockFi took several blows during the crypto winter, including a $100 million fine from the SEC.
– FTX sought to acquire BlockFi for “a variable price of up to $240 million based on performance triggers.”
– Voyager’s exposure to 3AC consisted of 15,250 BTC (worth $370 million at the time) and $350 million in USDC, which 3AC obviously could not repay following its massive losses stemming from the Terra catastrophe.
– Nexo offered to acquire up to 100 percent of Vauld.