Reports say FTX is looking for more than $9 billion to save itself!

One of the reports states that SBF has solicited crypto-currency companies like Tether, OKX, and Tron founder Justin Sun as well.

FTX is reportedly seeking up to $9.4 billion in funding.

While FTX CEO Sam Bankman-Fried (SBF) updated the crypto community and said he and his team would be seeking funding from investors, two reports indicate that SBF is seeking up to $9.4 billion in funding.

A Wall Street Journal (WSJ) article says that “people familiar with the issue“, state that SBF has asked investors for about $8 billion. The report also says SBF hopes to raise “up to $3 billion to $4 billion” from investors.

Later in the day, Reuters reported that SBF was canvassed for about $9.4 billion. Reuters said that a “person with direct knowledge of the matter” provided this information to the publication. Reuters technical reporter Anirban Sen wrote:

Bankman-Fried is discussing raising about $1 billion from crypto-token Tron founder Justin Sun, $1 billion from crypto-currency exchange OKX, $1 billion from crypto-currency company Tether, and $2 billion from a consortium of investment funds, the source said.

This news comes on the heels of Tether reportedly freezing over 46 million tethers at the request of law enforcement. In addition, other reports have noted that Singapore’s government-owned state holding company, Temasek Holdings, has become involved with FTX. Temasek’s capital helped fund FTX in the company’s Series B and C rounds.

My team has been working around the clock to avert further deterioration. I have faith that the situation is manageable following the wholistic approach together with our partners. Stay tuned #TRON @FTX_Official 🔥!

– H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 10, 2022

Tron’s founder, Justin Sun, was voice to help FTX and Sun explained that steps were being taken “towards a global solution that is being developed to resurrect and return to normal for all FTX users“. Binance CEO Changpeng Zhao (CZ) initially said that Binance would acquire FTX, but Binance backed out of the deal, citing “mismanagement of customer funds.”

Michael Bodley, a reporter at Blockworks reports that “three sources familiar with the issue“stated that FTX sought the assistance of private equity firm Apollo Global. Apollo Global had US$512.8 billion in assets under management (AUM), according to data on file as of March 31, 2022.

FTX Announcement Regarding the Tron Credit Facility:

We are pleased to announce that we have reached an agreement with Tron to establish a special facility to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets.

– FTX (@FTX_Official) November 10, 2022

FTX announced November 10, 2022, at 12:48 p.m. (ET) that it has established a credit facility for Tron. “We are pleased to announce that we have entered into an agreement with Tron to establish a special facility to allow holders of…TRX, BTT, JST, SUN, and HT to exchange assets from FTX 1:1 to external portfolios“, the exchange detailed Thursday afternoon.