Morgan, who masterminded a bailout of the securities industry during the 1907 financial crash. The outlay had some crypto followers conjecturing that he meant to consolidate the industry in his own hands. In the space of a couple of weeks in June, Bankman-Fried committed about $1 billion in bailout funds, according to an estimate by Bloomberg. You may occasionally receive promotional content from the Los Angeles Times.įTX bought the naming rights to the NBA Miami Heat’s home arena employed NFL quarterback Tom Brady and his then-wife, supermodel Gisele Bündchen, as spokespersons and had its insignia displayed on the uniforms of Major League Baseball umpires.ĭuring the cryptocurrency meltdown earlier this year, Bankman-Fried’s trading firm, Alameda, helped to bail out several floundering crypto firms, including BlockFi and Voyager (the latter of which filed for bankruptcy before it could draw down more than $75 million of the $200-million loan Bankman-Fried offered the firm).
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