Bear Market Territory Expands | Bloomberg Compiles FTX Founder SBF's Acquisition Map: Is He a Crypto Philanthropist or Ambitious Tycoon

Bloomberg is currently hosting the "Bloomberg Crypto Summit," with FTX exchange founder SBF naturally becoming the focus of its reports. Amidst a bear market, many companies are facing financial crises and declaring bankruptcy. Bloomberg has compiled a list of well-known companies related to FTX and is exploring FTX's assistance and acquisition actions, questioning whether they are driven by goodwill towards the industry or endless market ambitions.

Bloomberg is currently hosting the Bloomberg Crypto Summit, where the founder of the exchange FTX, SBF, naturally becomes the focus of their reporting. Amidst the bear market, many companies are facing financial crises and bankruptcy declarations. Bloomberg has compiled a list of well-known companies related to FTX and is exploring FTX's assistance and acquisition activities, questioning whether they are genuinely aiding the industry or driven by endless market ambitions.

According to Bloomberg, in June, FTX made significant moves by acquiring two companies, the Canadian cryptocurrency exchange Bitvo and the clearing and custodian company Embed. They also provided substantial credit loans to the financially troubled lending platforms BlockFi and Voyager, while retaining the option to acquire BlockFi. SBF has stated, "Halting the crisis from spreading is healthy for the crypto ecosystem. I want to do things that can help the crypto ecosystem grow." Supporters view SBF as a wealthy crypto philanthropist; however, some believe that his actions are aimed at leveraging competitors' crises to expand the FTX empire at a low cost.

Bloomberg quotes early FTX venture partner Chris McCann's comment, who believes that SBF's actions are not driven by goodwill but ambition. Assisting these bankrupt companies could be a double-edged sword, as it may not be possible to recover funds, and direct or indirect control over multiple companies could alienate the cryptocurrency community that dislikes centralized institutions.

McCann believes that SBF wants to win everything and more. Bloomberg reports that although SBF later clarified that there were no active negotiations, there were rumors of an attempt to acquire the well-known online brokerage platform Robinhood.

Analyst Lyn Alden believes that FTX, with a valuation of $32 billion in January 2022, successfully raised funds when it was not necessary, enabling the company to buy low in turbulent markets. She thinks that SBF cleverly uses their funds to try to profit rather than pursuing company growth at all costs.

Digital asset service company Ledn and holding company CMS Holdings hold a more positive view, stating that SBF's acquisitions are helpful in expanding their user base and represent FTX's ability to offer a wider range of retail products.

Regarding the acquisition news, SBF mentioned that his team has studied around ten potential transactions, including Celsius and Terra, but did not disclose the two mentioned above. There are also some deals in which they have participated but have not been made public. FTX is actively reaching out to crisis-stricken companies, analyzing their assets and liabilities, and finding ways to salvage them. While FTX is considering raising funds to handle more transactions, they have seen a decrease in bad trades over the past few weeks. Although they cannot guarantee that there will be no more major closures, they hope that all storms have passed.

Some believe that SBF should not be seen as a kind and gentle savior. His growing influence in the market may reduce competitiveness, which should not be underestimated. Venture capitalist Matthew Roszak believes that even in a decentralized world, there is a need for role models, leaders, and visionary individuals.