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FTX CEO Sam Bankman-Fried has been shopping for bargains amid the industry’s recent carnage and said he still has cash to spend if opportunity knocks.
It may seem strange. Other multi-billion-dollar crypto giants spiraled into bankruptcy this year. FTX’s main competitor, Coinbase, has seen its shares plunge 70% and has laid off a fifth of its workforce as crypto prices crashed.
Yet, FTX is somehow emerging as an industry lifeline.
The 30-year-old billionaire says it was a result of stashing away ample cash, keeping overhead low, avoiding lending and being able to move quickly as a private company.
“It was important that the industry get through this in one piece,” Bankman-Fried told CNBC in an interview at FTX headquarters in Nassau, Bahamas. “It’s not going to be good for anyone long-term if we have real pain and real blowouts — it’s not fair to customers and it’s not going to be good for regulation.”
The crypto industry saw billions of dollars wiped out during the weeks...
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