June 4, 2023

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Second Richest Crypto Billionaire Issues Dire Warnings, Says More Digital Asset Firms Will Collapse: Report

Second Richest Crypto Billionaire Issues Dire Warnings, Says More Digital Asset Firms Will Collapse: Report

The second richest crypto billionaire is warning that some digital asset companies are facing financial difficulties as the market continues to decline.

Forbes Reports That FTX co-founder and CEO Sam Bankman-Fried believes that some of the lesser-known cryptocurrency exchanges have already gone bankrupt.

“There are some third-tier exchanges that are already secretly insolvent.”

According to the report, Bankman-Fried sees some digital asset companies in difficulty that cannot be saved.

“There are companies that have basically gone too far and it’s not practical to support them for reasons like there’s a big gap in the balance sheet, or regulatory issues, or there isn’t a lot of business left to be saved.”

The report says that FTX CEO’s goal in providing financial assistance to distressed crypto firms is to stabilize the affected businesses and protect users.

“You know, we’re willing to do a pretty bad deal here, if that’s what it takes to sort of stabilize things and protect customers.”

FTX last week injected Nearly $250 million in crypto lender BlockFi to boost its balance sheet after digital asset prices plummet.

Earlier this month, crypto platform Voyager Digital Receive A revolving line of credit consisting of $200 million in cash and 15,000 bitcoin from Alameda Research, a quantum trading company founded by Bankman-Fried. The funds will be used to protect clients’ assets amid market volatility.

rated Bankman-Fried secondly In the Forbes 2022 list of the world’s richest crypto billionaires, with a net worth of $24 billion. The richest crypto billionaire in the world is the co-founder and CEO of Binance Changpeng Zhao, who has a net worth of $65 billion.

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