FTX Chief SBF Warns Some Crypto Exchanges Will Fail Soon

Sam Bankman-Fried warned that some exchanges are “secretly insolvent.”

In an interview with Forbes, billionaire Sam Bankman-Fried said there are some third-tier exchanges that are already secretly insolvent.

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Sam Bankman earlier provided different crypto companies with $750 million in credit lines to save them from insolvency.

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FTX CEO admitted they are willing to do a bad deal to save the industry.

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“We’re willing to do a somewhat bad deal here, if that’s what it takes to sort of stabilize things,” FTX head said in the interview.

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Bankman further said that there are some crypto companies that are basically too far gone to be saved.

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When asked about Tether's potential depegging from US dollar, Sam said he is not worried about that and most bearish views on Tether are baseless.

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Earlier it was rumored that FTX is looking to acquire Robinhood but Sam Bankman denied such claims.

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