Lesser Known Side To Sam Bankman-Fried’s Crypto Buying Spree

While billionaire Sam Bankman-Fried is on a buying spree in crypto space, the community responded to it with mixed reactions.

Capital Injection In Turbulent Times

A section of crypto community dubbed it as a life saving move for the industry that is faced with serial setbacks. In the last few months, the crypto space was faced with multiple hurdles which began with the crash of Terra network.

Meanwhile, the FTX CEO continues to acquire crypto companies while many projects look for capital injection. After initially extending a credit facility of $250 million to BlockFi, the CEO is close to acquire BlockFi for a mere $25 million.

Last month, FTX made inroads to Canadian markets by acquiring crypto exchange Bitvo. The terms for the deal, however, were not known.

Too Much Decentralization For Too Few Hands?

On the other side, a section of crypto felt Sam Bankman-Fried’s buying spree was not helping crypto’s decentralized structure. Alan Graham, a crypto enthusiast, tweeted sarcastically:

“FTX out buying distressed “assets” to show everyone how decentralized everything in crypto is.”

Aaron, a Bitcoin enthusiast with over 45,000 followers on Twitter, felt SBF was not helping the decentralization pattern of cryptocurrencies.

“SBF isn’t the hero we need, he is the anti-hero we’ve earned. Dump centralization and cronies like SBF and FTX. Build a decentralized future.”

“Is it still decentralized if FTX owns it all?” doubted one Sandeep Paruchuri in a tweet. Another crypto enthusiast,
wishful cynic, said FTX’s purchase of the companies was antithetical to the decentralized ecosystem. 

“As for ‘everything moving to FTX’ thesis, I kind of thought we are trying to build decentralized ecosystem here. FTX: world almost seems kind of antithetical to this.”

And there are people who are backing Sam Bankman-Fried’s FTX in this approach. They are of the view that SBF is stepping up to show support to the ecosystem more than anyone else. Haseeb Qureshi expressed disappointment over the criticism.

“Disappointing to see all of the FUD against. Sam is stepping up to backstop the industry in a way that no one else is. It’s bold and impressive.”

Last week, Sam Bankman-Fried said his company plans to expand through acquisitions to increase product offerings. FTX is expanding massively in crypto amid uncertainty in the crypto and equities markets.