Crypto expert and head of one of the world’s largest crypto exchanges Sam Bankman-Fried said he and his company still have a “few billion” to support struggling crypto firms.<\/p>\n
“We’re starting to get a few more companies reaching out to us. Those firms are generally not in dire situations, though some smaller crypto exchanges may still fail,” Bankman-Fried said in an interview adding that the industry has moved beyond “other big shoes that have to drop,”<\/p>\n
The crypto industry has been heavily influenced in recent months by the decline of Bitcoin, with the cryptocurrency falling 70% from its all-time high of nearly US$69,000 in November.<\/p>\n
Amid the turmoil, Bankman-Fried and FTX have been actively helping ailing cryptofirms regain their footing and reputation.<\/p>\n
Bankman-Fried’s crypto-trading firm Alameda Research gave crypto-lender Voyager Digital a US$200 million cash and stablecoin revolving credit facility and a facility of Bitcoin after it suffered losses from its exposure to crypto-hedge fund Three Arrows Capital.<\/p>\n
FTX handed U.S. crypto lender BlockFi a US$250 million revolving credit facility and announced a deal giving FTX the right to purchase it based on certain performance triggers.<\/p>\n