The crypto millionaire said he would look at Celsius, but saw little to salvage otherwise; disorder is the price of inaction by regulators and industry.
FTX director Sam Bankman-Fried said he will take a look at Celsius, but doesn’t see much else to do in the “bailout market.” He hopes that FTX can soon start returning the money left in Voyager to investors.. FTX purchased Voyager’s assets at auction after the company rejected its purchase offer.
“I’m sure there’s something we haven’t seen yet, but there’s not much out there that we know about. There’s no big stuff,” Bankman-Fried said of the so-called bailout market, speaking at DC FinTech Week on Oct. 11. “There are bigger bankruptcies that are starting that we may or may not end up playing a role in, but I think we’ve made most of the moves that we anticipated making by now.”.
- Voyager rejects Alameda’s purchase offer because “it hurts customers”
In any case, FTX remains committed to the market. The company “will look at whether it’s efficient in terms of how many parts we can from the sector relative to the amount of balance we would spend on it,” Bankman-Fried said.
Tune in at 2:30 as CNBC’s Kate Rooney and Sam Bankman-Fried about liquidity in distressed markets. https://t.co/MnAn9uQO7A @SBF_FTX @GtownLawIIEL #DCFintechWeek #derivatives pic.twitter.com/vjDhfye455
— The IFM (@The_IFM) October 11, 2022
Tune in at 2:30 as CNBC’s Kate Rooney and Sam Bankman-Fried on liquidity in troubled markets.
- Sam Bankman-Fried clarifies how FTX would approach the purchase of Celsius assets
Bankman-Fried did not comment on bankrupt crypto lending firm Celsius. “As in most such cases, we’ll almost certainly take a look. […] I don’t know if that will finally mean that we will do something there or not.”. However, he was more optimistic about Voyager, saying he hopes to start paying investors back soon.
Bankman-Fried said there was enough blame from the crypto winter to go around:
“My biggest takeaway from a regulatory standpoint is that inaction has a price. It was a collective inaction. […] Everyone, including our industry, has a role to play and blame for not being more productive and constructive on regulatory matters sooner.”
- Sam Bankman-Fried Announces Efficiency Upgrades for FTX
“At a minimum, there should have been more transparency,” he added, as many investors were caught off guard by the string of bankruptcies in the cryptocurrency sector.
Bankman-Fried said, “People wonder if it makes sense for FTX to be such a large fraction of this, and I guess my answer is no. I’d rather it was more distributed,” but “take what you get.”
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
- Voyager rejects Alameda’s purchase offer because “it hurts customers”
- Sam Bankman-Fried clarifies how FTX would approach the purchase of Celsius assets
- Sam Bankman-Fried Announces Efficiency Upgrades for FTX
- Blockchain Could ‘Endanger The Security’ Of Today’s Financial Market, DTCC Executive
- Singapore: Regulator Warns Against Online Scam Claiming Government Adoption of Cryptocurrency
- KFC Venezuela denies accepting payments in Dash
- Web3 educational project launched focused on women in Latin America