Recently, BlockFi, a leading crypto trading and yield platform, was rocked by the crypto market collapse and overall market volatility. Sam Bankman-Fried, founder and CEO of FTX, swooped in to backstop the firm by providing a $250 million credit facility.
Bankman-Fried tweeted they were partnering with BlockFi to help them “navigate the market from a position of strength” adding that “sometimes leadership means acting decisively and that’s what BlockFi did: removing troublesome counterparties _before_ they become a problem, and adding cash _before_ it was necessary.”
Lots of market rumors out there – I can 100% confirm that we aren’t being sold for $25M.
I encourage everyone to trust only details that you hear directly from @BlockFi.
We will share more w you as soon as we can.
— Zac Prince (@CostSegZac) June 30, 2022
Today, it appears that BlockFi is battling rumors of a fire sale event for the company. BlockFi CEO and founder Zac Prince tweeted out they can “100% confirm they aren’t being sold for $25 million.” The company is or was valued in the billions.
Prior to this tweet, there were other rumors that FTX may buy BlockFi. This rumor has not been put to rest and, as Prince alluded to more news is forthcoming.