the staff of the Ridgewood blog
Ridgewood NJ, Sam Bankman-Fried (SBF), the billionaire founder of FTX, believes that many third-tier exchanges are already secretly insolvent. SBF has been issuing cash infusions to save crypto companies from collapsing. The lack of regulations around crypto exchanges has made many exchanges vulnerable to scammers and hacks. FTX remains profitable and has been so for the past 10 quarters. SBF is not worried about Tether, saying that there is no evidence to support the bearish views around the stablecoin.
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Bankman-Fried’s FTX was also reportedly considering acquiring Robinhood. CEO Sam Bankman-Fried has denied the claims, saying that there are no active mergers and acquisition conversations with Robinhood. Bankman-Fried disclosed his 7.6% stake in Robinhood in May. Robinhood’s CEO and CCO both own about 8% of the company but control over 50% of the company’s voting power.
