Samuel Bakman-Fried, the founder and CEO of FTX, is hunting for acquisition targets as the market crashes. SBF acquired various crypto firms last month, including voyager digital
SBF FTX US gave BlockFi a $400 million loan and got an option to buy the firm for $240 million depending on its performance. Fast-growing FTX is preparing to spend billions for its expansion and growth, along with exploring Asia for potential acquisitions.
Recently, FTX has expressed interest in acquiring ‘Bithumb,’ a popular South Korean crypto exchange. The parties have been discussing the purchase for a while now but haven’t yet reached an agreement. However, if the deal gets finalized, SBF will be able to tap into a vital component of the crypto ecosystem: South Korea.
SBF’s FTX has also indicated that they are looking to raise funds for further acquisitions, enabling them to grow further. FTX seeks to acquire those companies with a large customer base and expertise.
Bithumb In Trouble?
Bithumb holds a 13% share in the market, acquiring an overall 2nd position in the market share for crypto. With daily trading volumes of $569 million, it has extended its trade, releasing around 188 coins and 290 pairs.
Also, as per the reports, various criminal charges are being filed against the top executives of Bithumb for frauds involving 100 Billion Won. The suit is a result of a breach of contract which resulted in the indictment of these officials, including the owner of the exchange as well.
FTX’s latest move has lent credibility to various speculations. Some believe SBF is leveraging the ongoing slump to gain more significant ground within the crypto market.