Just-In: SBF Seeks $9.4 Billion Rescue Package for FTX
In recent news, Sam Bankman-Fried is attempting to put together a rescue plan of up to $9.4 billion for his struggling cryptocurrency exchange, FTX.
Bankman-Fried is considering collecting roughly $1 billion from Justin Sun, the creator of the TRON cryptocurrency, $1 billion from the crypto exchange OKX, $1 billion from USDT issuer Tether, and $2 billion from a group of investment firms.
According to reports, SBF has not made much headway toward assembling the rescue package yet. However, he has also refrained from declaring bankruptcy and declined to appoint advisors for restructuring the company.
The situation seems to be pretty dynamic, and the decisions could flip very quickly.
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