The latest victim of the Crypto Winter is rumored to be BlockFi. BlockFI is a Cryptocurrency lender that was valued at over 3 billion USD in March of 2021. FTX is a cryptocurrency exchange located in the Bahamas…This is a breaking story.
From Zac Prince (CEO BlockFi)
“Yesterday BlockFi signed agreements, subject to shareholder approval, with FTX US for:
1. A $400M revolving credit facility which is subordinate to all client funds, and
2. An option to acquire BlockFi at a variable price of up to $240M based on performance triggers.
This, together with other potential consideration, represents a total value of up to $680M.”