Additionally, in June, FTX gave U.S. cryptocurrency lender BlockFi a $250 million revolving credit facility and on Friday announced a deal giving FTX the right to purchase it based on certain performance triggers.
“Having trust with consumers that things will work as advertised is incredibly important and if broken is incredibly hard to get back,” he said.
“It does get increasingly expensive with each one of these,” Bankman-Fried said, adding that the firm still had enough cash on hand to do a $2 billion deal if necessary.
“If all that mattered was one single event, we could get above a couple billion,” he said, stressing that isn’t his preference.
“FTX has shareholders and we have a duty to do reasonable things by them and I certainly feel more comfortable incinerating my own money,” he concluded.
