Bitcoin billionaire Sam Bankman-Fried bails out embattled crypto firms BlockFi and Voyager
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BlockFi, a quasi-bank, and Voyager Digital, a digital asset brokerage, have signed deals to bail out two firms in as many weeks. FTX, Sam Bankman-Fried's crypto exchange, agreed Tuesday to provide BlockFi with a $250 million revolving credit facility. It comes after BlockFi said earlier this month that it would lay off 20% of its staff. Bitcoin and other cryptocurrencies are falling hard as the market grapples with the Federal Reserve's interest rate hikes and the collapse of terraUSD, a so-called stablecoin, and its sister token luna. The plunge in value of digital currencies in recent weeks has resulted in numerous key players in the space facing financial difficulty. Source