FTX and the other leading companies should help the industry recover even if it leads to losses for them, Sam Bankman-Fried stated.
The Founder and CEO of the crypto exchange FTX – Sam Bankman-Fried – thinks large companies like his should use their expertise and “stem contagion” in the digital asset market. As such, they could aid the ecosystem to thrive again, he added.
In addition, the American argued that the Federal Reserve and its controversial approach to tackling high inflation is the main reason financial markets have plummeted recently.One of the most influential people in the crypto space – Sam Bankman-Fried –that crises in the sector like the ongoing situation could be solved with the help of the leading companies.
“I do feel like we have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion. Even if we weren’t the ones who caused it or weren’t involved in it. I think that’s what’s healthy for the ecosystem, and I want to do what can help it grow and thrive.”
Bankman-Fried reminded that FTX has already provided help on similar occasions. Last year, wrongdoers hacked the Japanese exchange Liquid and stole around $100 million worth of digital assets. Shortly after, FTX“We, I think about 24 hours later, stepped in and gave them a pretty broad line of credit to be able to cover all of their demands, to make sure customers were made whole while thinking about the longer-term solution.
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