Sun Nov 20, 2022 ▪ 7:00 p.m. ▪
min read – by
A few days after the spectacular collapse of the FTX crypto exchange, new information continues to flow. The latest reports a conversation between Brad Garlinghouse, the boss of Ripple, and Sam Bankman-Fried. This exchange would have taken place only a few days before the declaration of insolvency of FTX. This news resurfaces because the number 1 of Ripple now says he is ready to serve in the assets of FTX.
Ripple says it is finally ready to save the FTX carcass
It’s no secret, the crypto market lives one of his most dark times at the end of the year. The resounding collapse of FTX came to sound the death knell of a particularly complicated year for the industry in general. A few days after Sam Bankman-Fried admitted the bankruptcy of his business, disturbing information keeps coming. Accused of fraud and embezzlement, the former leader of FTX would have chosen to slam the door. But, according to recent revelations from Brad Garlinghouse, the CEO of Ripple, Bankman-Fried would have tried everything at the last minute to save the furniture.
The boss of Ripple, the cross-border crypto payment platform, admits that the Wednesday before the insolvency announcement, the former FTX strongman called him. This news comes as no real surprise, as FTX had also sought help from Binance which backed out at the last minute, fearing the debt was too heavy and US investigations. It was this stabbing of Binance that had precipitated the second crypto exchange platform into crisis.
After much consideration, the boss of the American giant, Ripple, says he is ready to make deals for the assets of FTX. Brad Garlinghouse does not hide his attraction to buying parts serving business customers, as well as shareholdings in other companies. As a reminder, before its descent into hell, 100 companies were affiliated with FTX.
This Ripple release comes a little late, as FTX is really in turmoil. The revelations of embezzlement by the leaders, as well as the political confrontation between Democrats and Republicans, are all facts that further tarnish the image of the crypto exchange. It remains to be seen whether this statement by Brad Garlinghouse is true or it’s just a publicity stunt.
Days pass and FTX’s situation does not improve. On the contrary, the platform continues to crumble under the weight of accusations of embezzlement, fraud and more. Even if this desire to buy Ripple must be taken with a grain of salt, if it were to materialize, it would be excellent news for the disgraced exchange.
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Doctoral student in financial law and experienced SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading, etc. He naturally participates thanks to his articles in the daily blockchain revolution for a better democratization of DeFi.