Sam Bankman-Fried Denies Intentions to Acquire Huobi

Share IT

Key Takeaways:

  • Rumour has it that FTX has finished the deal.
  • According to SBF, they do not have any plans to buy Huobi.

Sam Bankman-Fried, CEO of SBF, claims that FTX, a prominent cryptocurrency exchange, will not buy a controlling stake in Huobi.

SBF clearly rejected a Bloomberg report that said FTX intended to acquire cryptocurrency exchange Huobi in a tweet on Monday. On August 12, UKTN reported that Huobi co-founder Leon Li is thinking about selling his controlling ownership in the business, which is worth more than $1 billion.

Under SBF’s direction, FTX and Alameda Research intervened a few times during the downturn market to save crypto businesses that were having liquidity problems. Bankman-Fried stated that both businesses had a responsibility to “seriously consider stepping in, even if it is at a loss to ourselves, to halt contagion” since it would be “good for the ecosystem” in a June interview with NPR.

Journalist Colin Wu claims that last week, all Huobi workers’ email addresses were switched from to

Alameda presented Voyager Digital with a loan of $200 million in USD Coin (USDC) and a “revolving line of credit” of 15,000 Bitcoin (BTC), which at the time was valued about $300 million.

In addition, FTX provided BlockFi with a $250 million revolving credit facility. BlockFi claimed to have grown by almost 250,000% in 2022 while laying off 20% of its workforce.

The possibility that FTX, which has provided financial support to a number of struggling cryptocurrency businesses, including the exchange BlockFi and the lender Voyager Digital and may ultimately takeover both companies, had grown, was considering acquiring the Seychelles-based Huobi.

According to a mid-August Bloomberg article, FTX and Huobi founder Leon Li had initial discussions about FTX purchasing a controlling share in Huobi, which would value the company at $3 billion or more.

According to the article, a deal might be finalised by the end of this month, and Justin Sun, the creator of the Tron blockchain network, was also considering making a bid for the share. Sun denied having any desire to tweet.

Share IT
Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

Get Daily Updates

Crypto News, NFTs and Market Updates

Claim Your Free Trading Guide

Sign up for newsletter below and get your free crypto trading guide.

Crypto Products

Can’t find what you’re looking for? Type below and hit enter!

Can’t find what you’re looking for? Type below and hit enter!