Crypto

Crypto exchange FTX’s CEO says no plan to buy China’s Huobi

Aug 29 (Reuters) – FTX Chief Executive Sam Bankman-Fried said in a tweet on Monday that the crypto exchange has no plans to buy China-based Huobi, which also runs one of the world’s largest cryptocurrency exchanges.

Huobi founder Leon Li was exploring a stake sale in the company, people familiar with the matter told Reuters earlier this month.

A sale for Li’s almost 60% stake would value Huobi between $2 billion and $3 billion, and could be completed as soon as this month, Bloomberg News reported earlier in August. read more

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The cryptocurrency industry has seen sharp declines this year amid a broader risk-off sentiment in the markets due to geopolitical turmoil, aggressive monetary policy tightening and decades-high inflation.

Bankman-Fried in recent months has thrown lifelines to several digital asset platforms, including cryptocurrency lenders BlockFi and Voyager Digital . (https://bit.ly/3TorlM6)

In July, Bankman-Fried said he and his company still have a “few billion” on hand to shore up struggling firms that could further destabilize the digital asset industry, but that the worst of the liquidity crunch has likely passed. read more

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Reporting by Manya Saini in Bengaluru and Krystal Hu in New York; Editing by Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.

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