sam Bankman-fried raises cash: FTX founder Sam Bankman-fried tries to raise cash: report

The Wall Street Journal, citing people familiar with the matter, reports that Sam Bankman Fried, the founder and CEO (CEO) of embattled cryptocurrency exchange FTX, is engaged in discussions with several investors to raise cash and inject liquidity into his bankrupt exchange. .

According to the report, Bankman-Fried and some departing employees at FTX have spent the past week making calls to potential investors looking for much-needed capital.

However, The Wall Street Journal was unable to determine whether any investors committed themselves.

FTX declared bankruptcy in the US last Friday after a last-ditch effort to save the exchange when Binance – the world’s largest cryptocurrency exchange – pulled out of the bailout deal, leaving Bankman-Fried scrambling for funds.

Problems mounted for the 30-year-old CEO of FTX as regulators opened investigations following its stunning collapse last week. Rival exchanges sought to reassure nervous investors of their stability, which weighed on cryptocurrencies on Monday.

The implosion of FTX, once the crypto industry’s darling with a valuation of $32 billion as of January, has prompted investigations by the US Department of Justice, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.

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