On November 10, 2022, FTX CEO Sam Bankman-Fried (SBF) is seeking up to $9.4 billion in emergency funding for the beleaguered exchange, according to two reports. According to one report, SBF also recruited cryptocurrency companies such as Tether, OKX, and Tron founder Justin Sun.
FTX Reportedly Seeking Up To $9.4 Billion In Funding
FTX CEO Sam Bankman-Fried (SBF) has updated the crypto community, saying he and his team are seeking funding from investors, but according to two reports, SBF is up to 94. Seeking funding of $100 million.
According to a Wall Street Journal (WSJ) report, “people familiar with the matter” claim that SBF is asking investors for about $8 billion. The report further states that SBF wants to raise “$3 billion to as much as $4 billion” from investors.
Later in the day, Reuters reported that SBF was raising about $9.4 billion. Reuters said a “person with direct knowledge of the matter” informed the media. Reuters technical reporter Anirvan Sen wrote:
Bankman-Fried raises nearly $1 billion from Tron founder Justin Sun, $1 billion from crypto exchange OKX, $1 billion from crypto firm Tether, and $2 billion from a consortium of investment funds They are discussing what to do, the sources said.
The news comes as Tether has reportedly frozen over 46 million Tethers at the request of law enforcement agencies. Additionally, other reports point to Temasek Holdings, a Singapore state-owned holding company owned by the Singapore government, being involved in FTX. Temasek Capital helped fund his FTX during the company’s Series B and C funding rounds.
TRON founder Justin Sun vocal It detailed FTX and Sun’s support that steps are being taken “towards a holistic solution being created to reanimate and return all FTX users to normalcy.” Binance CEO Changpeng Zhao (CZ) initially said Binance would acquire his FTX, but Binance pulled the deal, citing “mishandling of customer funds.”
Blockworks reporter Michael Bodley reports that “three sources familiar with the matter” said FTX is seeking help from private equity firm Apollo Global. According to data recorded on March 31, 2022, Apollo Global had US$512.8 billion in assets under management (AUM).
FTX announced On November 10, 2022 at 12:48 PM ET, we announced the establishment of the Tron Credit Facility. “We are pleased to announce that we have reached an agreement with Tron to establish a special feature that will allow holders of TRX, BTT, JST, SUN and HT to exchange their assets from FTX 1:1 to external wallets. Nice to meet you.” Thursday afternoon.
What are your thoughts on reports that SBF is seeking up to $9.4 billion from investors to help revive FTX? Let us know your thoughts on the matter in the comments section below.
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