SBF To The Rescue: BlockFi and Voyager
As the crypto market contagion spreads, FTX loans out hundreds of millions to two of the largest yield-generating shops in the space. What does this mean for BlockFi and Voyager?
Read last week’s issues here:
Monday’s issue - Celsius Exchange Halts Withdrawals: What Went Wrong?
Tuesday’s issue - Celsius And stETH - A Lesson On (il)Liquidity
Wednesday’s issue - Three Arrows Capital Faces Liquidation
Thursday’s issue - Fears of Further Contagion
Friday’s issue - 3AC And The Leaning Tower Of Babel
The Sam Bankman-Fried (SBF) FTX and Alameda Research rescue tour is well underway in the broader cryptocurrency space, with both BlockFi and Voyager taking $250 million and $200 million loans respectively from SBF company bailouts.
“I do feel like we have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion” - SBF on the state of the exchange/lendor ecosystem.