FTX CEO Sam Bankman-Fried has been shopping for bargains amid the industry’s recent shakeout and still has cash to spend.
While Bankman-Fried's cryptocurrency exchange FTX is suffering from the downturn in digital assets, he said market share growth helped offset the pain.
in August. Bankman-Fried confirmed that the numbers were in the"right ballpark" and this year would see a"similar" figure, depending on how severe the market slowdown is. He also said the company is profitable. Bankman-Fried said he's worked over the past few years to eliminate conflicts of interest at Alameda."I don't run Alameda anymore — none of FTX does. We view it as a neutral piece of market infrastructure."It last raised $400 million in January at a $32 billion valuationFTX Trading Ltd. is headquartered in Antigua, with FTX Derivatives Markets based in the Bahamas, where Bankman-Fried lives.
Bankman-Fried said many of the deals were done in a matter of days, when the team"didn't sleep much that week." What's often lengthy due diligence came instead in a truncated Excel spreadsheet. The finances weren't audited. The team had at least some expectation of losing money. "It surprised me. It didn't surprise our legal team," he said."I had honestly just assumed they'd see our offer and just say ... of course, we'll take this."
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