Several Investors in Talks for $9.4B FTX Rescue: Report

A group of investors are involved in bailout talks for Sam Bankman-Fried's troubled crypto exchange, Reuters reported.

AccessTimeIconNov 10, 2022 at 5:41 p.m. UTC
Updated May 9, 2023 at 4:02 a.m. UTC

CORRECTION (Nov. 10, 20:09 UTC): Dan Loeb's Third Point hedge fund is not providing FTX more money, as initially reported by Reuters.

Sam Bankman-Fried has had discussions with several investors including Tron founder Justin Sun, rival crypto exchange OKX and a number of investment funds as he looks to raise $9.4 billion for FTX, according to a report by Reuters.

Per the report, SBF is looking to raise about $1 billion from Sun, another $1 billion from OKX and $2 billion from a group of investment funds.

Dan Loeb's Third Point is among 30 to 40 investors that have access to FTX's data room, but the hedge fund is not talking to FTX about giving more money, Reuters said.

Also on Thursday, FTX announced an agreement with Tron to establish a special facility to allow holders of TRX, BTT, JST, SUN and HT to swap assets on a 1:1 basis to external wallets. Things will get underway at 18:30 UTC. The size of the facility is to be determined on a weekly basis. As part of the deal, Tron deposits for all users will be disabled.


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Stephen  Alpher

Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.

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