FTX CEO Sam Bankman-Fried talked about their help to crypto companies.
The SBF stated that they spent about $1 billion in their attempts to save some crypto companies.
FTX CEO Talks About Aid To Crypto Companies
FTX CEO Sam Bankman-Fried said that some of the nearly $1 billion in donations they have made will not turn out to be profitable for their companies.
According to SBF, after Bitcoin suddenly plunged the entire crypto industry into collapse, FTX decided to invest about $1 billion in companies that started to fail.
SBF emphasized that although some of the companies they invest in will bring them profits, they may lose from some investments. Voyager Digital, one of these companies, declared bankruptcy in July, despite the $ 485 million it received from Alameda Research.
Another company that took a loan from FTX was BlockFi. BlockFi agreed to take out a $400 million loan with an option to buy. According to SBF, BlockFi had an extremely strong team and a pretty well-run business. All they needed was money.
SBF emphasized that while making these investments, their only aim is not to make money. He also stated that their other aim is to support crypto companies that are in trouble.
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