In 2022, the crypto market fell into a cold winter, and the coin price plunged sharply. The annual decline of altcoins such as Solana and Avalanche even reached an astonishing 80%, and Ethereum also fell 70%. At the same time, FTX is still sticking to the battlefield and even extending a helping hand to institutions on the brink of crisis.
htmlOn July 23, FTX, together with FTX.US parent company and operator West Realm Shires Inc., and Alameda Ventures, jointly proposed an early claim plan for Voyager Digital users to provide early liquidity for Voyager customers who file bankruptcy claims.
Under the plan, Alameda Research will purchase all digital assets and digital assets loans from Voyager, but does not include loans provided by Voyager to bankrupt crypto hedge fund Three Arrow Capital (3AC). Voyager users can immediately obtain part of the claim funds by opening an FTX account, and users can immediately withdraw cash, or use this part of the funds to purchase digital assets on the FTX platform. The proposal currently requires approval from the bankruptcy court. Sam Bankman-Fried, co-founder and CEO of
FTX, said: The goal of our joint proposal is to help build a better way to address insolvent crypto businesses that allow customers to acquire early liquidity and recover some of their assets without forcing them to speculate on the outcome of bankruptcy and take one-sided risks.
Of course, SBF also admitted that he does not deny the interests, but in the long run, FTX's proposal may harm its own interests. If the bankruptcy and reorganization process continues to be delayed, Voyager's equity may be more valuable, but this value comes at the cost of the customer. He believes that equity holders are not important now, but the client itself is important. SBF also stressed that in any case, Voyager customers should have the right to quickly retrieve the remaining assets as needed, and FTX's offer will allow Voyager customers to receive 100% of the remaining assets on Voyager, including having claims for any future potential recovery assets.
. In the context of the cold winter in the encryption field, SBF has been active in to save the market and . In a recent media interview, he said that FTX is willing to spend hundreds of millions of dollars, or even more, to save cryptocurrency companies that are in financial crisis. In June alone, FTX completed two acquisitions: Canadian exchange Bitvo and US securities broker Embed.
But SBF is quite calm about the titles of "Central Mother in the Currency Circle". In an exclusive interview with CNN, he said that providing funds to companies in need is not a charity cause, and must be carefully evaluated. The FTX standard is to look for companies that have "good business performance". These companies are just temporary liquidity problems, so just by providing some loans, they can protect the users of these companies and prevent systemic crises in advance.
At present, the cryptocurrency market is rapidly collapsed like a domino. In addition to Sanjiang Capital and Voyager, there may be more exchanges that are about to go bankrupt in the future. Faced with the "bottomless pit" in the currency circle, some analysts believe that SBF may find it difficult to turn the tide with its own strength, and may even be difficult to protect itself. Although SBF has strong funds, his wealth is almost entirely related to cryptocurrency. During the storm in the currency circle, his own fate is also at stake.
This winter of the crypto industry will not be a good time, and it still needs to be seen whether the "crime circle central bank" can "turn the tide". I don’t know what kind of pattern the crypto industry will develop in the future, and what height SBF will lead FTX to.
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