An advertisement for BlockFi, a crypto lending operation, that has secured a loan from Sam Bankman-Fried, chief executive of crypto trading platform FTX. Photograph: Samuel Corum/The New York TimesSam Bankman-Fried has bolstered the stumbling $900 billion crypto industry with his second bailout of a struggling digital assets firm in as many weeks.
The moves come as the crypto industry tries to restore confidence during a period of accelerating pressure on the price of digital assets such as bitcoin, which has pushed even some of the biggest market participants in the industry into distress. “Sam became a lender of last resort,” said Anatoly Crachilov, chief executive of London fund manager Nickel Digital Asset Management.
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