{"id":493689,"date":"2022-06-21T22:57:22","date_gmt":"2022-06-21T22:57:22","guid":{"rendered":"https:\/\/wncen.com\/?p=493689"},"modified":"2024-06-11T14:20:46","modified_gmt":"2024-06-11T14:20:46","slug":"controlling-the-chaos-ftx-exchange-bails-out-blockfi-with-250m","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/controlling-the-chaos-ftx-exchange-bails-out-blockfi-with-250m\/","title":{"rendered":"Controlling The Chaos: FTX Exchange Bails Out BlockFi With $250M"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Is FTX saving the crypto industry or taking control of it? The derivatives-focused cryptocurrency exchange has been on the sidelines, watching everything around them collapse, and finally decided to take action. That or, as the rumor says, FTX created this whole situation in their labs and is now buying assets on the cheap. There\u2019s only circumstantial evidence of that, though. The bailout, on the other hand, is completely real.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The proceeds of the credit facility are intended to be contractually subordinate to all client balances across all account types (BIA, BPY &amp; loan collateral) and will be used as needed.<\/p>\n<p>&mdash; Zac Prince (@CostSegZac) <a href=\"https:\/\/twitter.com\/CostSegZac\/status\/29453056?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 21, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Earlier, BlockFi CEO Zac Prince tweeted, \u201ctoday BlockFi signed a term sheet with FTX to secure a $250M revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength.\u201d For his part, FTX CEO Sam Bankman-Fried replied \u201ctoday we\u2019re injecting $250m into BlockFi and partnering with them so they can navigate the market from a position of strength.\u201d<\/span><\/p>\n<p>https:\/\/twitter.com\/NickNew41532832\/status\/11625216<\/p>\n<p><span style=\"font-weight: 400\">Over the last few weeks, the crypto market has been trending down. The contagion effect of the Terra\/ Luna extinction event rocked every company out there, most of all those who offered yield on cryptocurrency deposits like BlockFi and Celsius and hedge funds like Three Arrows Capital. These companies\u2019 problems and possible liquidation of assets, in turn, sent the crypto market into even more turmoil.\u00a0<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/crypto\/crypto-exchange-us-sees-growth-trading-volume-surged-512-in-q3\/\">Crypto Exchange FTX US Sees Growth: Trading Volume Surged 512% In Q3<\/a><\/strong><\/em><\/p>\n<h2><span style=\"font-weight: 400\">What Is FTX \u2018s Endgame?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">We wouldn\u2019t know, but the exchange put itself in a position of power with all of these movements. According to Bankman-Fried, BlockFi \u201csuccessfully removed at-risk counterparties preemptively,\u201d and the company acted decisively by \u201cremoving troublesome counterparties before they become a problem, and adding cash before it was necessary.\u201d And yes, by \u201ctroublesome counterparties\u201d he means Celsius and 3AC.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">3)  Sometimes leadership means acting decisively and that\u2019s what BlockFi did: removing troublesome counterparties _before_ they become a problem, and adding cash _before_ it was necessary.<\/p>\n<p>&mdash; SBF (@SBF_FTX) <a href=\"https:\/\/twitter.com\/SBF_FTX\/status\/88344582?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 21, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">For his part, Zac Prince frames it as a victory all around. \u201cThroughout the market volatility of the last several weeks, I\u2019m incredibly proud of how our team, platform and risk management protocols have performed. Today\u2019s landmark announcement reinforces BlockFi\u2019s commitment to serving its clients and ensuring their funds are safeguarded\u201d. However, are $250M enough for a company this size? Let\u2019s hope it is, for the sake of its clients.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In any case, both companies seem excited to collaborate. Prince said, \u201cthis agreement also unlocks future collaboration and innovation between BlockFi &amp; FTX as we work to accelerate prosperity worldwide through crypto financial services.\u201d On the same subject, Bankman-Fried claims FTX is \u201cexcited to partner with BlockFi to offer industry leading products.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">So, everything\u2019s peachy on the crypto front at the moment, right? However, what happens if BlockFi keeps losing money? Does FTX get a chance to buy the whole company for peanuts?<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-493691 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/SOLUSD_2022-06-21_19-44-50.png?resize=460%2C256\" alt=\"SOLUSD price chart for 06\/21\/2022 - TradingView\" width=\"460\" height=\"256\"><\/p>\n<pre style=\"text-align: center\">SOL price chart on FTX | Source: SOL\/USD on <a href=\"https:\/\/www.tradingview.com\/symbols\/SOLUSD\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">BlockFi \u2018s Previous Problems<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In an article about the subject at hand, <\/span><a href=\"https:\/\/www.zerohedge.com\/crypto\/crypto-exchange-ftx-bails-out-blockfi-250-million-revolver\" rel=\"nofollow\"><span style=\"font-weight: 400\">Zerohedge reminds us<\/span><\/a><span style=\"font-weight: 400\"> of a recent episode in BlockFi\u2019s history:\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cAs a reminder, BlockFi was fined $100 million in February this year for its high-yield interest accounts, which were deemed as security products by the United States Securities and Exchange Commission.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">And, who could forget when they <\/span><a href=\"https:\/\/www.newsweek.com\/blockfi-accidentally-pays-users-bitcoin-worth-20m-1592871\" rel=\"nofollow\"><span style=\"font-weight: 400\">gave out BTC instead of stablecoins<\/span><\/a><span style=\"font-weight: 400\"> to some lucky users?\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cOne Reddit-user shared a screengrab of their bonus payment showing that they received 701.4 Bitcoin, which equates to more than $24 million US dollars at the time of writing. They said they believe they were owed around $700 USD and that the Bitcoin transaction had been reversed.\u201d<\/span><\/p><\/blockquote>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/news\/blockfi-co-founder-sees-huge-growth-and-fomo-for-crypto-in-2022\/\">BlockFi Co-Founder Sees Huge Growth And FOMO For Crypto In 2022<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">To that, <\/span><a href=\"https:\/\/twitter.com\/BlockFiZac\/status\/12756224\" rel=\"nofollow\"><span style=\"font-weight: 400\">Zac Prince responded<\/span><\/a><span style=\"font-weight: 400\">, \u201cOur team is battle tested and has weathered many storms over the years, which only makes us stronger and more resilient as we navigate today\u2019s market environment.\u201d That\u2019s a way of putting it. However, what could he say about the rumor that the company lost more than $285M during the bull market?\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/BlockFi?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@BlockFi<\/a> income statement is real bad<\/p>\n<p>It&#39;s a mess of negative numbers, let&#39;s dig into it together<a href=\"https:\/\/t.co\/Kr9lhiH8AS\" rel=\"nofollow\">https:\/\/t.co\/Kr9lhiH8AS<\/a><\/p>\n<p>&mdash; otteroooo (@otteroooo) <a href=\"https:\/\/twitter.com\/otteroooo\/status\/95342592?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 19, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">If the rumors are true, does that guarantee that their business model failed and they won\u2019t be able to survive the bear market? No, it doesn\u2019t. It suggests it, though. <\/span><\/p>\n<pre style=\"text-align: center\">Featured Image by <a href=\"https:\/\/unsplash.com\/@cytonn_photography?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">Cytonn Photography<\/a> on <a href=\"https:\/\/unsplash.com\/es?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">Unsplash<\/a>  | Charts by <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Is FTX saving the crypto industry or taking control of it? The derivatives-focused cryptocurrency exchange has been on the sidelines, watching everything around them collapse, and finally decided to take action. That or, as the rumor says, FTX created this whole situation in their labs and is now buying assets on the cheap. There\u2019s only circumstantial evidence of that, though. The bailout, on the other hand, is completely real.\u00a0 The proceeds of the credit facility are intended to be contractually subordinate to all client balances across all account types (BIA, BPY &amp; loan collateral) and will be used as needed. &mdash; Zac Prince (@CostSegZac) June 21, 2022 Earlier, BlockFi CEO Zac Prince tweeted, \u201ctoday BlockFi signed a term sheet with FTX to secure a $250M revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength.\u201d For his part, FTX CEO Sam Bankman-Fried replied \u201ctoday we\u2019re injecting $250m into BlockFi and partnering with them so they can navigate the market from a position of strength.\u201d https:\/\/twitter.com\/NickNew41532832\/status\/11625216 Over the last few weeks, the crypto market has been trending down. The contagion effect of the Terra\/ Luna extinction event rocked every company out there, most of all those who offered yield on cryptocurrency deposits like BlockFi and Celsius and hedge funds like Three Arrows Capital. These companies\u2019 problems and possible liquidation of assets, in turn, sent the crypto market into even more turmoil.\u00a0 Related Reading | Crypto Exchange FTX US Sees Growth: Trading Volume Surged 512% In Q3 What Is FTX \u2018s Endgame? We wouldn\u2019t know, but the exchange put itself in a position of power with all of these movements. According to Bankman-Fried, BlockFi \u201csuccessfully removed at-risk counterparties preemptively,\u201d and the company acted decisively by \u201cremoving troublesome counterparties before they become a problem, and adding cash before it was necessary.\u201d And yes, by \u201ctroublesome counterparties\u201d he means Celsius and 3AC. 3) Sometimes leadership means acting decisively and that\u2019s what BlockFi did: removing troublesome counterparties _before_ they become a problem, and adding cash _before_ it was necessary. &mdash; SBF (@SBF_FTX) June 21, 2022 For his part, Zac Prince frames it as a victory all around. \u201cThroughout the market volatility of the last several weeks, I\u2019m incredibly proud of how our team, platform and risk management protocols have performed. Today\u2019s landmark announcement reinforces BlockFi\u2019s commitment to serving its clients and ensuring their funds are safeguarded\u201d. However, are $250M enough for a company this size? Let\u2019s hope it is, for the sake of its clients. In any case, both companies seem excited to collaborate. Prince said, \u201cthis agreement also unlocks future collaboration and innovation between BlockFi &amp; FTX as we work to accelerate prosperity worldwide through crypto financial services.\u201d On the same subject, Bankman-Fried claims FTX is \u201cexcited to partner with BlockFi to offer industry leading products.\u201d So, everything\u2019s peachy on the crypto front at the moment, right? However, what happens if BlockFi keeps losing money? Does FTX get a chance to buy the whole company for peanuts? SOL price chart on FTX | Source: SOL\/USD on TradingView.com BlockFi \u2018s Previous Problems In an article about the subject at hand, Zerohedge reminds us of a recent episode in BlockFi\u2019s history:\u00a0 \u201cAs a reminder, BlockFi was fined $100 million in February this year for its high-yield interest accounts, which were deemed as security products by the United States Securities and Exchange Commission.\u201d And, who could forget when they gave out BTC instead of stablecoins to some lucky users?\u00a0 \u201cOne Reddit-user shared a screengrab of their bonus payment showing that they received 701.4 Bitcoin, which equates to more than $24 million US dollars at the time of writing. They said they believe they were owed around $700 USD and that the Bitcoin transaction had been reversed.\u201d Related Reading | BlockFi Co-Founder Sees Huge Growth And FOMO For Crypto In 2022 To that, Zac Prince responded, \u201cOur team is battle tested and has weathered many storms over the years, which only makes us stronger and more resilient as we navigate today\u2019s market environment.\u201d That\u2019s a way of putting it. However, what could he say about the rumor that the company lost more than $285M during the bull market?\u00a0 @BlockFi income statement is real bad It&#39;s a mess of negative numbers, let&#39;s dig into it togetherhttps:\/\/t.co\/Kr9lhiH8AS &mdash; otteroooo (@otteroooo) June 19, 2022 If the rumors are true, does that guarantee that their business model failed and they won\u2019t be able to survive the bear market? No, it doesn\u2019t. It suggests it, though. Featured Image by Cytonn Photography on Unsplash | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":493690,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3,12040,84543],"tags":[85396,86206,5687,28199,12672,83722,86205,10923,86207,71704,83748,64285,78812],"class_list":["post-493689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","category-derivatives","category-solana","tag-3ac","tag-bailouts","tag-bear-market","tag-blockfi","tag-bull-market","tag-celsius","tag-crypto-bailouts","tag-crypto-market","tag-crypto-rumors","tag-ftx","tag-sam-bankman-fried","tag-three-arrows-capital","tag-zac-prince"],"acf":[],"yoast_head":"\n<title>Controlling The Chaos: FTX Exchange Bails Out BlockFi With $250M<\/title>\n<meta name=\"description\" content=\"Is FTX saving the crypto industry or taking control of it? 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