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• BlockFi CEO Zac Prince dismissed the reports
Cryptocurrency exchange FTX will soon sign a deal to purchase struggling crypto lender BlockFi for $25 million. The news was first reported by CNBC.
CNBC spoke to three sources who said that the term sheet is almost over the finish line and expected to be signed by the end of the week.
BlockFi CEO Zac Prince dismissed the reports and tweeted this afternoon, “I can 100% confirm that we aren't being sold for $25M. I encourage everyone to trust only details that you hear directly from @BlockFi. We will share more [with] you as soon as we can.”
FTX had previously given a $250 million credit facility to BlockFi. The lender said in mid-June it was cutting about 20% of its workforce, or roughly 170 people.
Source - Twitter, CNBC
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