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Looks like someone already knew crypto firms such as Celsius will go bankrupt. On June 28, in a conversation with Forbes author Steven Ehrlich, FTX CEO Sam Bankman-Fried warned about incoming insolvencies. Bankman-Fried also said that some firms in the crypto industry are “secretly insolvent.” A few days later, Celsius halted withdrawals and eventually filed for bankruptcy protection. Three Arrows Capital and Voyager Digital are other crypto firms that went bankrupt.
Cut to July 22, Bankman-Fried posted a tweet, which read: “Happy to do what we can to get liquidity to Voyager’s customers.” Moreover, Bankman-Fried shares a press release sharing his company FTX’s joint venture with West Realm Shires Inc. West Realm Shires Inc owns and operates Alameda Ventures and FTX US. The CEO said he wants to help customers to get liquidity in a better way. The firm intends to offer early liquidity to Voyager’s customers.
Being super empathetic to Voyager’s customers, Bankman-Fried said it was not their choice to hold unsecured claims. The FTX CEO reveals the aim of the joint venture. They intend to set up a way through which investors can receive their liquidity early. While ensuring that they aren’t pressured to ponder on the possible outcomes of bankruptcy and eventually taking one-sided risks.
On July 22, in an interview with CNBC’s “Closing Bells,” Bankman-fried shared that his company is ready to provide hundreds of millions in addition to what they have provided so far to struggling crypto firms. The FTX also said he would like to see more people coming forward and punching capital for those in need. Furthermore, the FTX CEO was also willing to spend billions on mergers and acquisition deals in late May. The executive commenting on cryptocurrency regulation said he believes it will increase in the coming future.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
