Coinspeaker
FTX Acquisition of Blockfolio Was Mostly Funded with FTT Tokens
New details about the investments of FTX Derivatives Exchange into BlockFolio, a crypto brokerage firm have been published by Bloomberg. According to the media firm, FTX financed over 94% of the $84 million it paid for the platform using FTT, a digital token it created.
With the funds paid, FTX took a 52% stake in BlockFolio in 2020 and the bankrupt exchange which at the time was only a year old had the option to buy up the rest of the smaller company. The insights shared by Bloomberg have shown some of the early financial impropriety Sam Bankman-Fried (SBF) committed that eventually set the stage for the implosion of his trading platform this November.
The interesting twist to the acquisition of BlockFolio was that media reports on it at the time never dug deep into the nature of equity paid down for the exchange. It was just reported that FTX paid in cash, crypto, and a combination of equity. Though the repor
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