SBF denies FTX is eyeing distressed crypto mining companies
Sam Bankman-Fried said that crypto miners did not fit into the company’s core strategy and there is no synergy from an acquisition standpoint. Sam Bankman-Fried, the founder of crypto exchange FTX, has calmed speculation that the company is exploring acquisitions of distressed crypto mining companies, clarifying on Twitter on Saturday that they “aren’t really looking into the space.”“Really not sure why the meme about FTX and mining companies is spreading, the actual quote was that we *aren't* really looking into the space,” clarified Bankman-Fried on Twitter on July 2. Speculation that....
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As the bitcoin price continues to struggle, investors are showing interest in buying distressed bitcoin mining assets.
According to a representative from the bitcoin mining company backed by the Chinese crypto billionaire Jihan Wu, Bitdeer is crafting a $250 million fund to buy distressed assets from embattled bitcoin miners. Bitdeer’s chief executive officer Matt Kong details that “opportunities” arise in “every cycle.” Bitdeer Wants to Acquire Cheap Machines From Distressed Bitcoin Miners Bitdeer is setting up a fund to purchase assets from financially distressed bitcoin miners, according to statements Matt Kong made to Bloomberg’s David Pan. Bitdeer is a crypto....
A new push for clarity on compliance from Senator Wyden aims to ensure economically distressed communities receive promised benefits from crypto mining companies. Democratic Senator Ron Wyden is digging into the activities of crypto companies that take advantage of tax breaks provided by the Opportunity Zone program.Senator Wyden’s main concern stems from the perception that some crypto companies may be taking advantage of what he called “a lack of safeguards and transparency measures” in the Opportunity Zone program.The concerns were raised in letters he sent to two companies and one....
PRESS RELEASE. Nov 14th, 2022 – Leading global cryptocurrency exchange Bitget announces that it has set aside a 5 Million USD worth of Builders’ Fund, aiming to help those affiliates, influencers and professional traders who are distressed by the FTX collapse. The market witnessed the collapse of FTX within a week, and worse still, the exchange announced their wallet was hacked after filing for bankruptcy protection in the US. The remaining funds in the company have been wiped out completely. No one is the winner in this chaos, as it continues to harm the whole industry. Due to the....
Here's an interesting one: CloudHashing.com announced today their very own 'relief' effort to help those who may have lost a few (or a lot) of bitcoins in the recent downfall of the Tokyo-based Mt. Gox exchange. The idea is to give anyone who can prove they were previously a Gox customer (either by email correspondence with the company or other communication) a discounted mining contract. "I was angry and outraged by what happened, and I know many feel the same way. I wanted to create something to help people like me," said CloudHashing employee Lukas Gilkey, who lost more than $40,000 in....