The Worst of the Crypto Crash is Probably Over: SBF

FTX CEO Sam Bankman-Fried (SBF) predicted on Monday that the worst has likely passed from the crypto industry’s latest financial meltdown.

Should things get worse, SBF assured the community he still has “a few billion” dollars to support struggling firms.

• Speaking with Reuters, the FTX CEO said that there are still companies reaching out to his exchange asking for financial support. However, none save a few small exchanges are facing life or death scenarios.
• SBF’s firms have already dedicated hundreds of millions to embattled crypto firms suffering from market contagion. Despite receiving support from the exchange, firms like Voyager have already filed for bankruptcy.
• Nevertheless, SBF remains willing to provide whatever aid he can to stem market contagion and protect consumers.
• “Having trust with consumers that things will work as advertised is incredibly important and if broken is incredibly hard to get back,” he said.
• Though he acknowledged that bailouts are becoming “increasingly expensive,” he said FTX is still ready for a $2 billion deal, if necessary.
• The billionaire has even used his own money to backstop failing crypto companies in years past. I certainly feel more comfortable incinerating my own money,” he added.
• The CEO’s latest comments present a stark contrast to his more pessimistic view from last week. Speaking to Forbes, he claimed that multiple crypto exchanges are still “secretly insolvent.”

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Furthermore, he warned of potential capitulation from Bitcoin miners, which have leveraged Bitcoin on their balance sheets. Major miners have had to dump nearly all their coins in the bear market due to significantly reduced profits.