FTX CEO Sam Bankman-Fried Says Crypto Industry Rescue So Far Has Been a Disappointment – Here’s Why
The CEO of the crypto exchange platform FTX says that rescue efforts in the crypto industry have so far been lacking.
In a new interview on Decrypt’s GM Podcast, FTX CEO Sam Bankman-Fried says other crypto firms need to step up and help him bail out ailing digital asset companies.
“The most important thing we can do is make sure we stop the spread and protect our customers’ assets. Honestly, I’d love it if other people did it. I don’t want to be the one to do it, and I’d be super happy if other people did say it for me.
The reason I’ve done it is because it doesn’t seem to me that there are others who step up and do it.”
The billionaire then says that his efforts to get others in the crypto industry to join the rescue operations were rejected.
“On all these kinds of bailouts that we’ve tried, we reached out to everyone we could to help us, and said ‘hey, you guys interested in working with us on this?’ Generally, ‘no’ was the answer, or rather, ‘yes’ followed by ‘wait, that company looks like there might be a hole in the balance sheet, and maybe it was a bit of bad management.’
And we’re kind of like, “I don’t know what you’re waiting for, dude, why do you think they’re looking for a bailout?”
The CEO then says that he is disappointed in the industry for not stepping up to help ailing companies in need.
“Our perception has been that, disappointingly, there haven’t been that many that have actually been a game to play in. And we think that the most important thing is that somehow, those gaps [get] plugged, and we will do it if no one else will, and we think it’s the right thing to do.”
Earlier this year, FTX spent hundreds of millions of dollars backing crypto companies like digital asset lender BlockFi.
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