FTX CEO Sam Bankman-Fried publicly denies Huobi acquisition rumors

FTX has no plans to acquire crypto exchange Huobi, the company’s founder and chief executive officer Sam Bankman-Fried said on Twitter. Bankman-Fried’s comments come after a recent Bloomberg article named FTX and Tron founder Justin Sun on a list of investors who had “preliminary contact” with Huobi when the founder. Founder Leon Li wants to sell about 60% of the company’s shares. According to the report, Li is seeking a valuation of between $2 billion and $3 billion (around Rs 16,000 to Rs 24,000) for the company and has reached out to “several international organisations.”

“No, we have no plans to acquire Huobi,” Bankman-Fried wrote. “Obviously a lot of people are saying this.” Meanwhile, Justin Sun has also publicly announced that their company is not engaged in any negotiations on the matter.

Sam Bankman-Fried has been dubbed the “The Next Warren Buffett” by Forbes for his acquisitions during this crypto bear run. His business ventures have financed many companies.

In July, FTX offered $250 million (about Rs 2,000.) revolving credit to a crypto lender BlockFi, who halted withdrawals after Three Arrows Capital. Bankman-Fried later praised BlockFi for its “careful risk management and excellent leadership” in “removing troublesome counterparties before they become problems.”

Another company owned by Bankman-Fried, the quantitative trading firm Alameda, offered $500 million (approximately Rs. 4,000 crore) sponsors a troubled crypto broker Voyager Digital to allow their clients to get early liquidity through FTX and recover part of their funds. This was an offer that Voyager later rejected, describing it as an attempt to generate publicity.

FTX’s revenue up more than 1,000% year over year, documents leaked Reviewed by CNBC showed. The company’s capitalization has grown from $90 million (about Rs. 800 advertising and naming rights to Miami’s NBA arena.

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