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Sam Bankman-Fried Explores Buying Distressed Crypto Miners Next

July 1, 2022, 8:45 PM

Sam Bankman-Fried, the co-founder of crypto exchange FTX US who just signed a deal with BlockFi Inc., said he’s open to exploring acquisitions in the battered crypto-mining industry next.

The move comes at a time when Bitcoin-mining companies are facing growing distress. The crypto billionaire is considering acquiring troubled crypto firms to stem potential credit contagion amid the prolonged bear market.

“When we think about the mining industry, they do play a little bit of role in the possible contagion spread, to the extent that there are miners that were collateralizing borrows with their mining rigs,” Bankman-Fried ...