Global cryptocurrency exchange FTX will not acquire a majority stake in Huobi, according to CEO Sam Bankman-Fried, or SBF.
In a Monday tweet, SBF denied explicitly a Bloomberg report that claimed that FTX was planning to buy cryptocurrency exchange Huobi. Cointelegraph reported on Aug. 12 that Huobi co-founder Leon Li was considering selling his majority stake, valued at more than $1 billion, in the company.
“We are not planning to acquire Huobi,” SBF said.
Just to be explicit because apparently a lot of people are saying this:
No, we are not planning to acquire Huobi.
— SBF (@SBF_FTX) August 29, 2022
Just to be explicit because apparently a lot of people are saying this:
No, we are not planning to acquire Huobi.
Under the direction of SBF, both FTX and Alameda Research have repeatedly intervened in the midst of the bear market to bail out cash-strapped crypto firms.. In an interview with NPR in June, Bankman-Fried said both companies had “a responsibility to seriously consider stepping in, even if it’s at our own expense, to stop the contagion” because it would be “healthy for the ecosystem.” “.
added In a June 19 tweet:
“We want to help whoever we can in the ecosystem, and we have no interest in hurting them, that only hurts us and the entire ecosystem.”
In June, Alameda offered Voyager Digital a $200 million USD Coin (USDC) loan and a 15,000 Bitcoin (BTC) “revolving line of credit,” worth roughly $300 million at the time. FTX also extended a $250 million revolving credit line to BlockFi, a company that reportedly grew roughly 250,000% in 2022 despite cutting 20% of its staff.
FTX has made many high-profile acquisitions both before and during the recent market downturn, announcing plans to buy cryptocurrency exchange Bitvo in July as part of its entry into the Canadian market, and Japan-based Liquid Group and its subsidiaries. in February. However, in August, regulators targeted FTX US for alleged misrepresentation of deposit insurance related to cryptocurrency holdings.
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