Crypto’s white knight says he has a ‘few billion’ to rescue industry
— Weakened share price, Ricocheting, Around 70, Big shoes, Certainly feel, Preference, Two occasions, Cash, Faltered, Industry — 1 min read
Sam Bankman-Fried, head of one of the largest cryptocurrency exchanges, FTX, said he and his company still have a “few billion” on hand to shore up struggling firms. FTX has become crypto’s white knight in recent weeks, throwing lifelines to digital asset platforms which have faltered as cryptocurrencies prices have cratered. Bitcoin is down around 70% from its all-time November high of nearly $69,000. FTx has around 300 employees, 300 employees and is expected to hire fewer than 50 in the fourth quarter of this year, he said in an interview. Forbes pegged his net worth this year at around $24 billion, but Bloomberg's Billionaires Index said that figure has been cut in half due to the crypto crash. Source