Crypto exchange FTX will not buy a stake in Huobi, according to CEO Sam Bankman-Fried (SBF).
SBF posted a in the tweetblatantly denied the Bloomberg report, which claimed that FTX plans to acquire crypto exchange Huobi. Cointelegraph reported on August 12 that Huobi co-founder Leon Li is considering selling his majority stake in the company for around $1 billion.
“We do not plan to acquire Huobi,” SBF said, however.
Just to be explicit because apparently a lot of people are saying this:
No, we are not planning to acquire Huobi.
— SBF (@SBF_FTX) August 29, 2022
Under the leadership of SBF, both FTX and Alameda Research made some attempts amid the bear market to bail out crypto companies facing liquidity issues. Speaking in an interview with media outlet NPR in June, SBF said that they plan to step in to ensure the health of the crypto market and not affect other market players. tweet threw:
“We want to help what we can in the crypto market and we are not malicious about it. Otherwise, it will only hurt us and the market.”
In June, Alameda offered Voyager Digital a $200 million USD Coin (USDC) loan and a “loan line” of 15,000 Bitcoins (BTC), worth approximately $300 million at the time. In addition, FTX retains 20 percent of its employees. It provided a $250 million loan to BlockFi, which reported that it grew by approximately 250 thousand percent in 2022 despite the layoffs.
FTX announced plans to acquire crypto exchange Bitvo in July, while entering the Canadian market, and Japan-based Liquid Group and its subsidiaries in February. With these developments, FTX has made many high-value acquisitions in the midst of the bear market. Despite this, however, regulators targeted FTX US in August for allegedly mishandling deposit insurance related to crypto assets.