FTX CEO Sam Bankman-Fried stated that the worst crypto crisis is over.
The famous billionaire nevertheless admitted that the crisis was “a little worse” than he expected.
Despite the crypto crash that forced Three Arrows Capital and Voyager Digital to file for bankruptcy and left Celsius and BlockFi facing liquidity challenges, the FTX CEO believes the worst of the crisis is over.
Fried expressed that FTX has “several billions” that could be distributed to stabilize other crypto companies in financial distress.
Additionally, he stated that other crypto firms may still fail and be at risk of bankruptcy. However, he declined to name names.
The crypto billionaire emphasized that financial aid is important to the health and longevity of the industry as a whole.
Fried doesn’t want it to happen again, as the failure of just one project, like the LUNA collapse, puts the industry in trouble.
“Having confidence that things will work as advertised is incredibly important in the eyes of consumers. It is incredibly difficult to regain trust if it is broken.”
Fried believes crypto prices are bottoming out and has an optimistic outlook for the future
“I don’t think this is an existential threat to the industry. But it’s a little bit worse than I expected.”
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