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FTX CEO Denies Huobi Acquisition Rumors…Details Here

FTX CEO Denies Huobi Acquisition Rumors…Details Here

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Answer FTX CEO Denies Huobi Acquisition Rumors…Details Here

Sam Bankman Fred, founder and CEO of FTX, tweeted reassurance to his followers who were wondering about FTX acquiring another trading platform Huobi in Seychelles.

The clarification coincides with news and rumors that FTX was in fact planning an acquisition.

Earlier this month, Bloomberg reported that Huobi Group founder Leon Li is in talks with companies that want to sell nearly 60% of the company at an approximate valuation of $2-3 billion.

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Sam Bankman Fred and Tron founder Justin Sun were named and mentioned among the people the Huobi founder has had discussions with, according to Bloomberg sources, though a FTX spokesperson declined to comment on the issue.

Justin Sun has publicly announced that his company has not been involved in any negotiations on this matter.

Sam Bankman-Fried has been dubbed the “next Warren Buffett” for his acquisitions during this round of acquisitions in the cryptocurrency space.

His projects also provided funding for many companies.

In July, FTX provided $250 million in revolving credit to crypto lender BlockFi, which halted withdrawals after Three Arrows Capital.

Sam Bankman-Fried later praised BlockFi for its careful risk management and brilliant leadership in removing annoying limbs.

Quantitative trading firm Alameda, another firm owned by Sam Bankman Fred, has offered $500 million to fund troubled crypto broker Voyager Digital to allow its clients to get early liquidity through FTX and get a portion of their cash back.

This was an offer that Voyager Digital later rejected, calling it an attempt to generate publicity.

Earlier, Vidente, a company that holds the largest stake in South Korean trading platform Bithumb, shared that FTX is in talks about a potential acquisition of Bithumb either through joint management or a direct sale of Vidente’s stake.

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In June, FTX purchased Bitvo, a cryptocurrency exchange operating in Canada.

Leaked documents reviewed by CNBC show that FTX revenue has grown more than 1,000% over the past year.

The company’s capital increased from $90 million in 2020 to more than $1 billion in 2021 during the peak of the market, thanks to multiple acquisitions and millions spent on marketing campaigns.

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