Crypto ‘Savior’ Bankman-Fried Seems Unfriendly
— Buying vauld, Million, Securities, Signed, Initial deal, Struggling, “ stem contagion ”, Create new bitcoin, Bargain basement price, Plan — 1 min read
FTX founder Sam Bankman-Fried's stated goal of stopping a few insolvent crypto lenders from launching a domino run of failures is starting to look a lot more like bargain hunting. He had positioned himself as the industry’s lender of last resort, announcing plans to “stem contagion” from plunging cryptocurrency prices. But after announcing a deal, at a bargain basement price, to acquire one of the two firms he offered backstop lines of credit totaling $750 million, he said he was looking at acquiring crypto mining firms if he finds “a really compelling opportunity” FTX isn’t the only well-funded firm on the prowl, with Nexo reportedly close to buying Vauld. Source