FTX signs a deal giving it the option to buy crypto lender BlockFi
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FTX has signed a deal giving it the option to buy crypto lending company BlockFi. The agreement gives FTX the ability to buy BlockFi at a maximum price of $240 million. Even at the high end of FTX's deal price, it marks a significant decrease in the value of BlockFi, which was last valued at $4.8 billion. FTX CEO Sam Bankman-Fried has been seen as a lender of last resort in the space. BlockFi says it has suffered $80 million in losses "which is a small fraction of losses publicly reported by other lenders" BlockFi points to crypto market volatility and the failure of hedge fund Three Arrows Capital, which has been part of Three Arrows' ongoing bankruptcy case. Source