In a recent interview, FTX CEO Sam Bankman-Fried warned that some crypto exchanges are 'secretly insolvent' and may soon fail.
did an interview with Bankman-Fried, and the FTX CEO was very candid about crypto exchanges that are “secretly insolvent.”
Bankman-Fried also spoke about the recent investments in Blockfi and Voyager, as the FTX CEO explained there’s a chance he may not get a return on his investment. “You know, we’re willing to do a somewhat bad deal here, if that’s what it takes to sort of stabilize things and protect customers,” Bankman-Fried told the Forbes contributor. The FTX CEO said that more platforms will bow out from financial burdens in the near future.
“There are some third-tier exchanges that are already secretly insolvent,” Bankman-Fried detailed. “There are companies that are basically too far gone and it’s not practical to backstop them for reasons like a substantial hole in the balance sheet, regulatory issues, or that there is not much of a business left to be saved,” he added.to deploy billions on mergers and acquisitions. Bankman-Fried told Forbes that FTX is financially sound and has been profitable for 10 quarters.
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