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FTX CEO Sam Bankman-Fried Clarifies Approach to Celsius Assets Acquisition

Sam Bankman-Fried, CEO of FTX, has shared insights into how his company might acquire Celsius’ assets, addressing accusations and emphasizing fair market pricing.
Published on 2022-10-03

FTX's Approach to Acquiring Celsius Assets

Sam Bankman-Fried, CEO of FTX, has provided clarity on how his company might purchase Celsius’ assets, responding to accusations from BnkToTheFuture CEO Simon Dixon. Dixon alleged that Bankman-Fried aimed to acquire Celsius’ assets at significantly discounted prices, similar to FTX’s acquisition of Voyager Digital.

Bankman-Fried emphasized that FTX’s proposal for Voyager was based on “fair market pricing, no discounts,” with the goal of returning $1 on the $1 to customers rather than profiting from discounted assets. He stated that the same approach would apply if FTX were to pursue Celsius’ assets.

Dixon's Concerns and Regulatory Challenges

Simon Dixon criticized FTX’s potential involvement, arguing that only Celsius creditors can ensure fairness for all stakeholders. He noted that some investors are willing to support Celsius’ management, while others prefer to exit. Dixon also warned that if stakeholders make poor decisions, Celsius could end up under FTX’s control.

Regulatory hurdles remain a significant issue. The Department of Justice has opposed Celsius selling its stablecoin assets, and the company’s motion to reopen withdrawals was rejected during the examiner’s report process.

Conclusion

FTX’s interest in Celsius’ assets highlights the complex landscape of crypto acquisitions, with a focus on fair pricing and regulatory compliance. Bankman-Fried’s commitment to fair market value may shape the future of such deals in the crypto industry.

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