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After marking BlockFi as a new target by extending a $250 million emergency line of credit to the firm last week, crypto firm FTX looks to finalize a stake in the troubled crypto lender.
According to the Wall Street Journal, talks are ongoing and final terms still being worked out.
A BlockFi representative commented on the developments:
“BlockFi does not comment on market rumors. We are still negotiating the terms of the deal and cannot share more information at this time. We anticipate sharing more on the terms of the deal with the public at a later date.”
FTX, the Sam Bankman-Fried led exchange, is showing its muscles amidst the bear market. Last week, Alameda Research, a quant trading shop backed by Bankman-Fried, issued a line of credit to troubled crypto broker Voyager Digital (VOYG) for $200 million in cash/USDC and 15,000 Bitcoin.
Not everyone believes these ‘bailouts’ are the right thing to do though. Following Bankman-Fried’s actions, SEC commissioner Hester Peirce, best known in the crypto community as ‘Crypto Mom’, said it would lead to a more sustainable industry when “these things play out”.