Bankman-Fried Is Looking At “Secretly insolvent” Small Exchanges & Crypto Miners
28 Junio 2022 - 10:44PM
NEWSBTC
It’s Sam Bankman-Fried’s moment. The FTX and Alameda Ventures
golden boy put both of his companies in a winning position and
seems to be carrying the spoils away. The recent Forbes piece about
secretly insolvent exchanges puts it best, “Like J.P. Morgan during
the stock market panic and crash of 1907, Bankman-Fried is taking
advantage of the crypto chaos to expand his empire.” Rumors about
his involvement in engineering the “crypto chaos” appear to be
greatly exaggerated. NewsBTC reported on FTX’s bailout of BlockFi
and Alameda bailing Voyager. In the first article, we summarized
the congested macro situation: “Over the last few weeks, the crypto
market has been trending down. The contagion effect of the Terra/
Luna extinction event rocked every company out there, most of all
those who offered yield on cryptocurrency deposits like BlockFi and
Celsius and hedge funds like Three Arrows Capital. These companies’
problems and possible liquidation of assets, in turn, sent the
crypto market into even more turmoil.” In the Fobes piece, speaking
about BlockFi and Voyager’s bailouts, they paint a similar picture
with a crucial difference. Here, Bankman-Fried is performing a
sacrifice: “Between FTX and his quantitative trading firm Alameda,
he provided the companies with $750 million in credit lines. There
is no guarantee that Bankman-Fried will recoup his investment. “You
know, we’re willing to do a somewhat bad deal here, if that’s what
it takes to sort of stabilize things and protect customers,” he
says.” And, as you can read, that’s according to Bankman-Fried
himself. A few lines below, the article casts doubt on his
assessment, “Bankman Fried’s cash infusions are far from
altruistic. He has emerged as a smart vulture capitalist in the
beleaguered crypto market, knowing full well that his own fortune
depends on its healthy rebound and growth.” Robinhood price chart
on NASDAQ | Source: TradingView.com Bankman-Fried Sets Sight On
Small Exchanges And Miners The rumor that FTX is looking for a way
to acquire Robinhood circulated today. The Forbes article
elaborates on that subject. “Bankman Fried has also bought into
crypto brokerage Robinhood, where FTX has already accumulated a
7.6% stake, and is rumored to be considering an acquisition.”
Not only that, Forbes estimated that there are more than 600 crypto
exchanges in the world. Then, they quote Bankman Fried claiming,
“there are some third-tier exchanges that are already secretly
insolvent”. Is the implication that his two companies are
considering buying some of them? Maybe. However, Bankman
Fried will be picky about exactly which ones: “There are companies
that are basically too far gone and it’s not practical to backstop
them for reasons like a substantial hole in the balance sheet,
regulatory issues, or that there is not much of a business left to
be saved.” In a strange turn of events Bankman-Fried, one of
Proof-Of-Stake’s biggest proponents, expressed interest in “crypto
miners”. Even stranger, the article then proceeds to list two
bitcoin mining companies. Who introduced the word “crypto” in the
conversation, Bankman-Fried or Forbes? “Bankman-Fried also has his
eye on crypto miners, many of whom leveraged their balance sheet at
breakneck pace to quickly scale and take advantage of this 21st
century digital gold rush. The stocks of publicly-trading crypto
miners including Marathon Digital Holdings and Riot Blockchain are
down more than 60% year to date.” Finishing With Tether For Some
Reason Without warning or apparent reason, the Forbes article ends
with Sam Bankman-Fried’s thoughts on Tether. “I think that the
really bearish views on Tether are wrong…I don’t think there is any
evidence to support them,” he says. Featured Image by 41330 on
Pixabay| Charts by TradingView
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