Sam Bankman-Fried Denies Report FTX Plans To Buy Stake In Huobi

International crypto trade FTX won’t be buying a majority stake in Huobi, in keeping with CEO Sam Bankman-Fried, or SBF. 

In a Monday tweet, SBF explicitly denied a Bloomberg report that claimed FTX was preparation to buy crypto trade Huobi. Cointelegraph reported on Aug. 12 that Huobi co-founder Leon Li was contemplating promoting his majority stake, valued at greater than $1 billion, inside the firm.

Sam Bankman-Fried Denies Report FTX Plans To Buy Stake In Huobi

“We’re not preparation to accumulate Huobi,” mentioned SBF.

Beneath SBF’s management, each FTX and Alameda Analysis have stepped in just a couple of occasions amid the bear market to bail out crypto corporations dealing with liquidity points. In a June NPR interview, Bankman-Fried mentioned each corporations had “a accountability to importantly contemplate stepping in, even whether it is nonplused to ourselves, to stem contagion” as it could be “wholesome for the ecosystem.”

He added in a June 19 tweet:

“We wish to assist these we are able to inside the ecosystem, and have no real interest in pain them — that simply hurts us and the entire ecosystem.”

In June, Alameda provided Voyager Digital a $200 million USD Coin (USDC) mortgage and a “charge account credit line score” of 15,000 Bitcoin (BTC), price roughly $300 million on the time. FTX additionally prolonged a $250-million charge account credit score facility to BlockFi, an organization that reportedly grew by roughly 250,000% in 2022 regardless of reduction 20% of its employees.

FTX has made many high-profile acquisitions each earlier than and through the current market downturn, expression plans to buy crypto trade Bitvo in July as a part of its transfer into the Canadian market, and the Japan-based Liquid Group and its subsidiaries in February. Nonetheless, in August regulators focused FTX US for allegedly incorrectly representing deposit coverage associated to crypto holdings.