Sam-Bankman Fried, CEO of FTX, said that he could buy crypto miners to alleviate the distress in the crypto sector.
Speaking to Bloomberg, Fried expressed that he is open to buying crypto miners to avoid bad influence in the crypto industry.
“When we think of the mining industry, they play a role in the spread of bad influence in the industry, just as there are those who secure debts with mining rigs.
It could be a really challenging opportunity for us and I don’t want to ignore that possibility.”
Private and public crypto miners are facing defaults after raising between $2 billion and $4 billion in debt to finance the construction of massive facilities in North America, according to data from CoinDesk.
FTX announced today that it has agreed with BlockFi to provide a $400 million loan to BlockFi and acquire it for up to $240 million.
Shares of many publicly traded mining companies have lost more than 75% to date.
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