FTX CEO Says Some Crypto Exchanges Are Hiding their Insolvency

FTX CEO Sam Bankman-Fried has said in an interview with Forbes that some third-tier Bitcoin exchanges are close to bankruptcy.

He has said that he is aware of the risks of providing liquidity to BlockFi and Voyager Digital, which are facing problems as a result of the possible collapse of hedge fund Three Arrows Capital.

He has explained:

“We are ready to make a somewhat bad deal if that is what is needed to stabilize the situation and protect clients.”

According to Forbes sources, Alameda Research, which is associated with Bankman-Fried, could lose at least $70 million on the deal with Voyager. The current capitalization of the cryptocurrency broker indicates the risks of its bankruptcy.

The FTX CEO is far from altruistic and is not ready to “rescue” all problem companies.