FTX Searching For $9.4 Billion Investment To Avoid Bankruptcy

In the wake of the collapse of Binance’s buyout of crypto trading competitor FTX, FTX’s CEO Sam Bankman-Fried has begun the search for new major investments to save the company from bankruptcy.

A Reuters-exclusive report Thursday (Nov. 10), said Bankman-Fried is aiming to put together a “rescue package” of up to $9.4 billion for the cryptocurrency exchange, citing a source familiar with the matter.

According to the source, Bankman-Fried is in talks with several investors to begin growing this package.

The CEO is already discussing a $1 billion investment from crypto network Tron, as well as $1 billion from cryptocurrency exchange OKX, $1 billion from cryptocurrency firm Tether and $2 billion from a variety of other investment funds.

Read more: The Other Side Of The Coin: Cryptocurrency Assets In Bankruptcy

Representatives at FTX did not immediately respond to PYMNTS’ emailed request for comment.

Up until now, Bankman-Fried has resisted pressures to file for bankruptcy, Reuters’ source noted, as he works to pull together the money needed to keep the crypto exchange afloat.

The last few days have been rocky for FTX in the wake of the announcement, and eventual cancellation, of Binance’s now-defunct acquisition of the exchange.

Bankman-Fried released a statement to customers Thursday via Twitter, stating the company is taking the time this week to raise liquidity.

“Every penny of that — and of the existing collateral — will go straight to users, unless or until we’ve done right by them,” he said in the Twitter thread.