Alameda Research is making efforts to mitigate the negative phenomena in the cryptocurrency market due to Celsius problems and Three Arrows Capital. This was stated by its head Sam Bankman-Fried.
After the collapse of TerraUSD, as 3AC and Celsius faltered, and before the venture fund he founded lent $485 million to Voyager Digital as the #Bitcoin sell-off continues, @SBF_FTX and I talked about #crypto contagion risk: https://t.co/hlGQ4CQtaq pic.twitter.com/RLbBbLUJfs
— David Gura (@davidgura) June 19, 2022
In the conversation, Bankman-Fried called it “a lie” that the company played a role in threatening Celsius' stability. He added that Alameda Research is not interested in causing harm and is ready to help cryptocurrency market participants “even if it is to the detriment of the firm itself.”
“I want to do things that can help it [the ecosystem] grow and prosper,” said Bankman-Fried.
According to a top manager, companies associated with him already engaged in “rescue” in the past. In particular, FTX prevented the bankruptcy of the Japanese cryptocurrency exchange Liquid after its hot wallets were hacked. In February 2022, the acquisition process was completed.
On June 18, cryptocurrency broker Voyager Digital announced that Alameda Research has provided it with a 200 million USDC loan and a 15,000 BTC (~$300 million) revolving line of credit.
The agreement runs until December 31, 2024. The terms provide for the payment of interest at the end of this period based on the rate of 5% per annum. Voyager Digital will only use the funds “if necessary to protect clients' assets” in the face of high market volatility.
Members of the crypto community pointed to Alameda Research's “participation” in the problems of crypto platforms. On June 8, the firm sold around 50,000 stETH, playing a significant role in reducing TVL in Curve’s ETH/stETH liquidity pool from $4.5 billion in early May to 641 million.
Earlier, platform head Sam Bankman-Fried promised spend “billions” to buy shares in other companies.
Recall that in June, Alameda Research led a $60 million funding round for Voyager Digital.
Read the ForkLog bitcoin news in our Telegram – news cryptocurrencies, courses and analytics.