1 year ago
Before Sam Bankman-Fried's FTX crypto empire blew up successful November 2022, helium acted – successful an manufacture lacking a accepted backstop similar the Federal Reserve – arsenic the savior of a mates hobbled companies, BlockFi and Voyager.
He testified Friday astatine his transgression fraud and conspiracy proceedings that determination were a mates different high-profile situations wherever helium passed connected helping. Digital Currency Group CEO Barry Silbert asked FTX CEO Bankman-Fried for equity superior for DCG's Genesis subsidiary sometime during the crypto marketplace downturn past year, Bankman-Fried told jurors Friday.
Genesis was severely harmed by the illness past twelvemonth of crypto hedge money Three Arrows Capital, suffering a large loss. It ended up filing for bankruptcy aft FTX's ain illness and yet stopped offering trading services. (DCG besides owns CoinDesk.)
Bankman-Fried besides testified that Celsius, a crypto speech and lender, besides asked for exigency funds, but helium changeable down the request. (It, too, went bankrupt, successful July 2022, arsenic did Voyager that month, earlier FTX's collapse, and BlockFi afterward successful November.)
Spokespeople for DCG and Celsius didn't instantly respond to requests for comment.
Edited by Nick Baker and Marc Hochstein.
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