SBF Seeks $9.4 Billion Rescue Package for FTX

In recent news, Sam Bankman-Fried is attempting to put together a rescue plan of up to $9.4 billion for his struggling cryptocurrency exchange, FTX.

Bankman-Fried is considering collecting roughly $1 billion from Justin Sun, the creator of the TRON cryptocurrency, $1 billion from the crypto exchange OKX, $1 billion from USDT issuer Tether, and $2 billion from a group of investment firms.

According to reports, SBF has not made much headway toward assembling the rescue package yet. However, he has also refrained from declaring bankruptcy and declined to appoint advisors for restructuring the company.

The situation seems to be pretty dynamic, and the decisions could flip very quickly.

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has covered it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.