Sam Bankman-Fried is on a race to secure $4 billion to save FTX, after rival Binance ditched its eleventh-hour bid to buy the collapsing crypto exchange.
Bankman-Fried reportedly told investors on Wednesday evening that FTX is facing a shortfall of funds up to $8 billion and is in danger of bankruptcy if the company doesn’t receive at least $4 billion to stay solvent, according to separate reports from Bloomberg and the Financial Times. Bankman-Fried said FTX is willing to take the cash in whatever form it comes in, be it debt, equity, or a mixture of both.
