Crypto Seeking Saviors Find Wolves Instead
— Yield farming, Funds, Crypto, Line — 1 min read
FTX CEO Sam Bankman-Fried's $250 million “line of credit” to struggling crypto lender BlockFi would effectively wipe out all shareholders and venture investors. Goldman Sachs is looking to snap up the assets of crypto lender Celsius in either a distressed asset or outright bankruptcy sale. A recording of a fund-raising call by crypto investment firm Morgan Creek Digital leaked to news outlet CoinDesk. Morgan Creek's managing partner admitted on the call that its move had a 10% chance at best of succeeding — no one’s feeling like jumping on a risky bet. Added to that, there are broader signs of crypto investors with solid balance sheets looking to take advantage of weakened firms. The New York Times' Andrew Sorkinin said that any company that doesn’t have solid earnings is going to find itself struggling Source