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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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

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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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