Bailing out the crypto lending platform BlockFi has become one of the most significant endeavours for early investors in the company such as Morgan Creek Digital.
According to an exclusive Coindesk report, the crypto investment manager has been wooing investors in a bid to raise $250 million to counter the offer from FTX Derivatives Exchange.
The Coindesk report was centred on a leaked call made by Morgan Creek Digital’s managing partner, Mark Yusko.
Per the reviewed call, Yusko was learned to have explained the details of the BlockFi and FTX’s offer, which he said, if finalized, may cost early investors like Morgan Creek their investments as FTX can acquire the firm at almost zero cost. To prevent this from happening, Yusko solicited immediate funding from investors to make a counter offer that could at least benefit the investment firm should BlockFi declare bankruptcy amidst the encompassing crypto winter.
Yusko noted that BlockFi co-founders had to pitch tents with FTX because...
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