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Bitcoin billionaire Sam Bankman-Fried bails out embattled crypto firms BlockFi and Voyager

CNBC Finance LogoCNBC Finance5d ago

Bitcoin billionaire Sam Bankman-Fried bails out embattled crypto firms BlockFi and Voyager

Quick Summary

Bankman-Fried has emerged as something of a savior for the $900 billion crypto market as it faces a deepening liquidity crunch.

Meanwhile, a report from The Block said earlier this month that BlockFi was in talks to raise a down round valuing the firm at $1 billion, down from $3 billion last year.

His actions highlight how a lack of regulation for the crypto industry means that firms can't turn to the federal government for a bailout when things turn south — a sharp contrast with the banking industry in 2008.


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Article Details

Author / Journalist: https://www.facebook.com/CNBC

Category: MarketsFinanceInvesting

Topics: Finance Articles Terra/USD Coin Metrics Crypto Bitcoin Technology Cnbc Bitcoin/USD Coin Metrics Internet Markets FinTech Cryptocurrency TerraUSD/USD Coin Metrics Source:tagname:CNBC Europe Source

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-22, 16:32:00

News Timezone: GMT -5:00

News Source URL: cnbc.com

Language: English

Reading Time: 5 minutes read

Article Length: 729 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 3932

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About CNBC Finance

CNBC Finance Logo

Main Topics: MarketsFinanceInvesting

Official Website: cnbc.com

Update Frequency: 3 posts per day

Year Established: 2005

Headquarters: United States

Last Updated: 11h ago

Coverage Areas: United States

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Publication Timezone: GMT -5:00

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Publisher ID: #6

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