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Home Crypto Updates

Bankman-Fried Is Wanting At “Secretly bancrupt” Small Exchanges & Crypto Miners

by cryptostandard
June 29, 2022
in Crypto Updates
Reading Time: 4 mins read
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It’s Sam Bankman-Fried’s second. The FTX and Alameda Ventures golden boy put each of his corporations in a profitable place and appears to be carrying the spoils away. The current Forbes piece about secretly bancrupt exchanges places it finest, “Like J.P. Morgan in the course of the inventory market panic and crash of 1907, Bankman-Fried is making the most of the crypto chaos to develop his empire.” Rumors about his involvement in engineering the “crypto chaos” seem like enormously exaggerated.

NewsBTC reported on FTX’s bailout of BlockFi and Alameda bailing Voyager. Within the first article, we summarized the congested macro state of affairs:

“Over the previous few weeks, the crypto market has been trending down. The contagion impact of the Terra/ Luna extinction occasion rocked each firm on the market, most of all those that supplied yield on cryptocurrency deposits like BlockFi and Celsius and hedge funds like Three Arrows Capital. These corporations’ issues and potential liquidation of property, in flip, despatched the crypto market into much more turmoil.”

Within the Fobes piece, talking about BlockFi and Voyager’s bailouts, they paint an analogous image with an important distinction. Right here, Bankman-Fried is performing a sacrifice:

“Between FTX and his quantitative buying and selling agency Alameda, he offered the businesses with $750 million in credit score strains. There isn’t a assure that Bankman-Fried will recoup his funding. “You already know, we’re prepared to do a considerably dangerous deal right here, if that’s what it takes to type of stabilize issues and defend prospects,” he says.”

And, as you’ll be able to learn, that’s in keeping with Bankman-Fried himself. A couple of strains beneath, the article casts doubt on his evaluation, “Bankman Fried’s money infusions are removed from altruistic. He has emerged as a wise vulture capitalist within the beleaguered crypto market, understanding full nicely that his personal fortune will depend on its wholesome rebound and development.”

HOOD price chart - TradingView

Robinhood worth chart on NASDAQ | Supply: TradingView.com

Bankman-Fried Units Sight On Small Exchanges And Miners

The rumor that FTX is in search of a approach to purchase Robinhood circulated right this moment. The Forbes article elaborates on that topic. “Bankman Fried has additionally purchased into crypto brokerage Robinhood, the place FTX has already accrued a 7.6% stake, and is rumored to be contemplating an acquisition.” 

Not solely that, Forbes estimated that there are greater than 600 crypto exchanges on this planet. Then, they quote Bankman Fried claiming, “there are some third-tier exchanges which might be already secretly bancrupt”. Is the implication that his two corporations are contemplating shopping for a few of them? Possibly. Nevertheless,  Bankman Fried shall be choosy about precisely which of them:

“There are corporations which might be mainly too far gone and it’s not sensible to backstop them for causes like a considerable gap within the stability sheet, regulatory points, or that there’s not a lot of a enterprise left to be saved.”

In an odd flip of occasions Bankman-Fried, one in every of Proof-Of-Stake’s greatest proponents, expressed curiosity in “crypto miners”. Even stranger, the article then proceeds to record two bitcoin mining corporations. Who launched the phrase “crypto” within the dialog, Bankman-Fried or Forbes?

“Bankman-Fried additionally has his eye on crypto miners, lots of whom leveraged their stability sheet at breakneck tempo to rapidly scale and make the most of this twenty first century digital gold rush. The shares of publicly-trading crypto miners together with Marathon Digital Holdings and Riot Blockchain are down greater than 60% 12 months thus far.”

Ending With Tether For Some Motive

With out warning or obvious cause, the Forbes article ends with Sam Bankman-Fried’s ideas on Tether. “I believe that the actually bearish views on Tether are mistaken…I don’t suppose there may be any proof to help them,” he says.

Featured Picture by 41330 on Pixabay| Charts by TradingView



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