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On November 10, 2022, two reports said FTX CEO Sam Bankman-Fried (SBF) is seeking emergency funding of up to $9.4 billion for the struggling exchange. A report says SBF has also solicited crypto companies such as Tether, OKX and Tron founder Justin Sun.
While FTX CEO Sam Bankman-Fried (SBF) updated the crypto community and said he and his team would seek funding from investors, two reports say SBF is seeking up to $9.4 billion in funding.
A Wall Street Journal (WSJ) report says “people familiar with the matter” claim that SBF has asked investors for roughly $8 billion. The report further states that SBF hopes to raise “as much as $3 billion to $4 billion” from investors.
Later in the day, Reuters reported that SBF has applied for around $9.4 billion. Reuters said a “person with direct knowledge of the matter” told the news publication the information. Reuters technology reporter Anirban Sen wrote:
Bankman-Fried is discussing raising about $1 billion from Tron crypto token founder Justin Sun, $1 billion from cryptocurrency exchange OKX, $1 billion from cryptocurrency firm Tether and $2 billion from a consortium of investment funds, the source said.
The news follows Tether reportedly freezing more than 46 million tethers at the request of law enforcement. Furthermore, other reports noted that the Singaporean state holding company owned by the government of Singapore, Temasek Holdings, has been engaged with FTX. Temasek Capital helped fund FTX during the company’s Series B and C funding rounds.
Tron founder Justin Sun has been vowel about helping FTX and Sun detailed that steps were being taken “toward a comprehensive solution being created to revive and return to normality for all FTX users.” Binance CEO Changpeng Zhao (CZ) initially said Binance would buy FTX, but Binance pulled out of the deal citing “mishandled customer funds.”
Blockworks reporter Michael Bodley reports that “three sources familiar with the matter” have said that FTX has sought help from private equity firm Apollo Global. The company Apollo Global had USD 512.8 billion in assets under management (AUM), according to data recorded on March 31, 2022.
FTX announced 10 November 2022, at 12:48 PM (ET) that it established a Tron credit facility. “We are pleased to announce that we have reached an agreement with Tron to establish a special facility to allow holders of TRX, BTT, JST, SUN and HT to exchange assets from FTX 1:1 to external wallets,” it said in the exchange. Thursday afternoon.
What do you think of the reports that SBF is seeking up to $9.4 billion from investors to help revive FTX? Let us know what you think about this topic in the comments section below.
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