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Crypto Billionaire Sam Bankman-Fried Doles Out Credit Lines to Stem Contagion

  • His firms are supplying credit to BlockFi, Voyager Digital
  • He ‘is the new John Pierpont Morgan,’ Anthony Scaramucci says
Sam Bankman-Fried
Sam Bankman-FriedPhotographer: Sarah Silbiger/Bloomberg

Sam Bankman-Fried, the crypto billionaire who co-founded digital-asset exchange FTX Trading Ltd., is providing credit lines to try to stem contagions for his beleaguered industry.  

Crypto lending platform BlockFi Inc., which had been raising funds at a reduced valuation, said on Tuesday that it secured a $250 million revolving line of credit from FTX. Last week, crypto exchange Voyager Digital Ltd., whose shares are down 90% this year on Toronto Stock Exchange, got a $200 million credit line -- a mix of cash and USDC stablecoins -- as well as a separate, 15,000-Bitcoin revolving facility from Alameda Research, Bankman-Fried’s trading firm.