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
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

  • How NEAR Enables Multichain Access From One Account
    00:56
    How NEAR Enables Multichain Access From One Account
  • Why the NEAR foundation Chose Eigenlayer as a Security Partner
    00:54
    Why the NEAR foundation Chose Eigenlayer as a Security Partner
  • Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
    07:08
    Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
  • How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
    01:11
    How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
  • 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.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Stephen  Alpher

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


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


    Read more about