FTX searches for $9.4 billion in rescue revenue

Over the past few hours, Bankman-Fried has debated growing $1 billion each from Justin Sun, the creator of crypto token Tron, opponent exchange OKX and stablecoin platform Tether, as stated by a source who has immediate knowledge of the matter.

The source counted that he is pursuing the remainder from other funds, including existing investors in FTX, for example, venture capital fund Sequoia Capital.

Nevertheless, it needed to be defined whether Bankman-Fried could increase the funds he required and whether these investors would partake.

Tether’s chief technology officer, Paolo Ardoino, expressed in a tweet that it had no agenda to fund or lend assets to FTX.

Daniel Loeb’s Third Point is one of the 30 to 40 investors in FTX’s data room. Still, as stated by a source acquainted with the matter, the hedge fund is not concerning giving FTX more cash.

Reaching the deal

FTX and Sequoia did not directly reply to requests for remarks on the latest talks news. OKX is also not presently available to comment on the latest talks news. Talked on Thursday, OKX told Reuters it had been loomed this week by Bankman-Fried, who informed liabilities of $7 billion that needed covering fast.

In a tweet, FTX replied it had reached a deal with Tron to select a special facility that would permit clients to switch some crypto assets from FTX to external wallets. It said originally $13 million of assets would be deployed to reduce the trades.

Earlier in the day, Bankman-Fried expressed in tweets, and a memorandum to workers seen by Reuters that he was in discussions with “several players” in the crypto sector, including Sun, behind a possible rescue deal with bigger rival Binance fell apart.

But he counted that he did not wish to “imply anything about the odds of success.”