FTX CEO Sam Bankman-Fried (SBF) recently shared his thoughts on the state of the crypto market, its trajectory, and the platforms and companies within it. He claimed that there are still many remaining “third-tier” crypto exchanges that are insolvent but yet to be exposed.
More Instability to Come?
During an interview published by Forbes on Tuesday, the CEO began by addressing some firms whose financial troubles are more public. Those include crypto broker Voyager Digital and lending platform BlockFi, both of which suffered immense financial contagion following Three Arrows Capital’s fallout.
Both BlockFi and Voyager received quick credit lifelines from SBF’s firms FTX and Alameda Ventures, respectively. The cumulative value of these loans was $750 million.
“You know, we’re willing to do a somewhat bad deal here if that’s what it takes to sort of stabilize things and protect customers,” said SBF on the deals, knowing there’s no guarantee he’ll get his money back.
For SBF, such...
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