A new report claims an FTX deal to buy the South Korean crypto exchange Bithumb is currently in \u201cadvance talks.\u201d<\/p>\n
According to a new report<\/a> from Bloomberg, a person familiar with the matter says the two exchanges have been working on the deal for months.<\/p>\n Bithumb is South Korea\u2019s second-largest crypto exchange, according to Statista<\/a>. The exchange\u2019s offices were raided earlier this week by South Korean prosecutors investigating the collapse of Terra (LUNA) and its stablecoin TerraUSD (UST), according<\/a> to the Seoul-based Yonhap News Agency.<\/p>\n Bloomberg also reports that FTX and its American arm FTX US are attempting to raise new capital, citing \u201cpeople with knowledge of the matter.\u201d<\/p>\n FTX CEO Sam Bankman-Fried has been a visible figure in the current bear market. The crypto billionaire has said<\/a> in recent interviews that his firm is making an attempt to keep multiple large players afloat regardless of profit potential.<\/p>\n \u201cThe explicit sort of working principle we had in a number of these, was like, it\u2019s okay to do a deal that\u2019s like moderately bad in bailing out a place. The bar was not \u2018is this a good return on investment?\u2019 The bar is like \u2018this is not that bad of a return on our investment,\u2019 or \u2018we are incinerating a relatively smallish amount of money in doing this.\u2019\u201d<\/em><\/p>\n FTX has made multiple acquisitions since crypto markets first started weathering severe downside volatility, including lending platform BlockFi. The company reached an agreement<\/a> for $400 million in revolving credit facility plus an option to acquire BlockFi at a variable price of up to $240 million.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get crypto email alerts delivered directly to your inbox <\/span><\/em>
\n
Check Price Action<\/a><\/span><\/em>
\n
Follow us on Twitter<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>
\n
Surf The Daily Hodl Mix<\/a><\/span><\/em>
\n<\/p>\n