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- FTX to the rescue
FTX to the rescue
BlockFi looks for an exit and cryptocurrency prices tumble.
BlockFi is a cryptocurrency lending platform that nears the end of the road as they look for a buyout. FTX is rumored to be the buyer for the platform for a sum of $25 million.
.@FTX_Official is close to a deal to buy struggling crypto lender @BlockFi for just $25 million.
By @NelWang and @0x_bae— CoinDesk (@CoinDesk)
Jun 30, 2022
The CEO, Zac Prince, was quick to let everyone know this wasn't the case.
Lots of market rumors out there - I can 100% confirm that we aren’t being sold for $25M.
I encourage everyone to trust only details that you hear directly from
@BlockFi.We will share more w you as soon as we can.
— Zac Prince (@BlockFiZac)
Jun 30, 2022
Whether or not BlockFi gets sold for more or less, the bleeding company is looking for any option to get out from underneath their massive losses.
Bitcoin falls below $20,000
Bitcoin continues to bring pain to investors as it shows weakness once again. Bitcoin and along with a variety of other cryptocurrencies are heading back near lows.
Other alternative cryptocurrencies like Ethereum also continue to drop. Over the past month Ethereum cut in half falling from $2,000 to $1,000. The lower prices continues to put firms like 3 Arrows capital, Celsius and BlockFi deeper in the hole.
Disclaimer:Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.