Sam Bankman-Fried Open to Buying Troubled Crypto Miners Next

FTX co-founder and CEO, Sam Bankman-Fried is open to buying problematic crypto miners to prevent a ripple effect in the cryptocurrency sector. To the degree that some miners were using their mining equipment as collateral for loans, the mining industry does play a small part in the potential contagion spread. Bankman-Fried said, “There might come a compelling opportunity for us – I don’t want to discount that possibility.” er to be clear I said roughly "meh not particularly looking at miners, but sure, happy to have conversations with any companies" https://t.co/liHKS2y06Z — SBF (@SBF_FTX) July 1, 2022 Private and Publicly Traded Crypto Miners Face Margin Calls Indeed, after the report was published, Bankman-Fried tweeted that he wasn’t “especially looking at miners, but yeah, happy to have chats with any companies.” According to data industry players, private and publicly traded crypto miners face margin calls and defaults after amassing debts ranging from $2 billion to $4 billion to finance the development of their enormous facilities across North America. Last Friday, FTX disclosed that it had reached an agreement with cryptocurrency lender BlockFi under which BlockFi will receive a $400 million credit facility and could eventually be acquired by FTX for up to $240 million. Additionally, Bankman-Fried-owned Alameda Research provided troubled cryptocurrency exchange Voyager Digital with a $200 million cash/USDC loan and a re...