Crypto: Sam Bankman-Fried would consider buying Celsius

The FTX fiasco never ends! Earlier this week, Nov. 7, the Bloomberg Wealth Index pegged Sam Bankman-Fried’s personal wealth at $991 million. A 93% drop in just 24 hours. In the process, there was a considerable drop in the price of FTT (at a rate of -88%). Also in the same week, rumors swirled that Binance had signed a letter of intent to buy FTX. But the crypto platform announced on November 10 its withdrawal after an audit. And now new information has surfaced: Sam Bankman-Fried has allegedly launched a funding appeal to cover FTX’s shortfalls.

The entire FTX team works tirelessly to process withdrawals

Funding to the tune of $8 billion

According to wall street journal, the information would come from sources close to Sam Bankman-Fried. On November 9, the CEO of FTX reportedly spoke with his investors. A phone call that coincides perfectly (or within minutes) with Binance’s official announcement. As a reminder, this crypto exchange platform has given up the takeover of FTX.

According to the sources, Sam Bankman-Fried’s phone call was about a request for emergency funding. This will allow the crypto company to cover the shortfalls of the last few days. But not only ! FTX will also use it to solve its many financial problems and to compensate its customers.

More precisely, it would be a financing of up to 8 billion dollars distributed as follows:

  • 3 to 4 billion in equity
  • The rest in the form of a loan (debts)

What about the future of FTX?

The current situation of FTX finds itself at the center of all debates within the crypto communities. In a report published by Bloomberg on November 9, Sam Bankman-Fried bluntly explains that without funding or cash, FTX will have to file for bankruptcy.

Another fact that does not bode well: the FTX site is currently unable to process withdrawals. Along those same lines, during the phone call with investors, Sam Bankman-Fried allegedly said that the crypto company could never settle withdrawals without collateral. Knowing that in the space of just 72 hours, we recorded nearly $ 6 billion in withdrawals within the platform.

Panic in the cryptosphere! This is a term that perfectly sums up the current situation of the crypto market (and not just FTX). Endgame for FTX or will this crypto platform be able to turn the corner? The next few weeks will be more than decisive! To be continued…

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