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HomeMarketExclusive-Bankman-Fried seeks $9.4 billion package for FTX rescue-sources By Reuters

Exclusive-Bankman-Fried seeks $9.4 billion package for FTX rescue-sources By Reuters

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© Reuters. FTX logo is seen in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/Illustration

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By Anirban Sen

NEW YORK (Reuters) – Sam Bankman-Fried is seeking to put together a rescue package of up to $9.4 billion for his troubled cryptocurrency exchange FTX, a person with direct knowledge of the matter said on Thursday.

Bankman-Fried is discussing raising about $1 billion from crypto-token Tron founder Justin Sun, $1 billion from cryptocurrency exchange OKX, $1 billion from cryptocurrency firm and $2 billion from a consortium of investment funds, the source said.

The remainder would come from other investors, the source added. One of the investors in talks with FTX is Daniel Loeb’s hedge fund Third Point, according to the source.

Bankman-Fried has had little progress so far in putting the rescue package together, according to the source. Yet he has resisted filing for bankruptcy and has refused to appoint restructuring advisers, the source said. The situation is fluid and the deliberations could quickly change, the source added.

The source requested anonymity because the matter is confidential. FTX, Sun, OKX and Third Point did not immediately respond to requests for comment.

Story Credit: investing.com

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