Intriguing Confab: Garlinghouse and Bankman-Fried’s Pre-Bankruptcy Call
Amidst the buzz of Ripple’s annual Swell conference in London, CEO Brad Garlinghouse dropped some noteworthy insights. With FTX crumbling like a cookie under the pressure of a milk flood, Garlinghouse revealed that just two days before the exchange filed for bankruptcy, he received a call from former FTX Chief, Sam Bankman-Fried.
During their conversation, they flirted with the idea of which FTX-owned businesses Ripple might be keen to acquire. Garlinghouse hinted, “If he [Bankman-Fried] needs liquidity, maybe there’s businesses that he has bought or he has that we would want to own… Would we have bought some of those from him? I definitely think that was on the table.” Talk about being interested in a distressed sale!
The Shift After Bankruptcy: A Tougher Sale?
However, the landscape shifted dramatically post-bankruptcy filing. Garlinghouse expressed that pursuing a deal now is far from straightforward. “I’m not saying we won’t look at those things – I’m sure we will. But it’s a harder path to transact,” he mused, revealing the grim realities that come with bankruptcy proceedings.
Understanding FTX’s Fallout: A Web of Companies
The bankruptcy battle is far-reaching, encompassing approximately 130 companies linked to FTX, including the gloss-covered FTX.US. Curiously, not all subsidiaries were dragged into the legal maelstrom. Notable exclusions are crypto clearinghouse LedgerX and FTX Australia. Seems like some parts of FTX are still standing tall!
What’s Up for Grabs?
Garlinghouse made it explicit that if Ripple were to leap into the fray, their interest would be focused on businesses catering to customer needs rather than speculating on the remnants. In simple terms, it’s like shopping at a garage sale: only pick up items that actually add value!
Ripple’s Response Amidst Chaos: Employment Outreach
As the FTX saga unfolded, Ripple’s management took a proactive stance. On November 10, CT David Schwartz publicly made an offer to FTX staff, tweet-tempting those uninvolved in “compliance, finance or business ethics” to consider joining the Ripple team. In his words, “@Ripple is always hiring.” If only finding a job were that easy!
The Restructuring Efforts
In the whirlwind of bankruptcy, FTX has enlisted Kroll, a restructuring firm, to oversee the claims from creditors. Their role is crucial in ensuring that all interested parties are kept in the loop regarding the bankruptcy proceedings.
Wrapping Up the Ripple Saga
While FTX is navigating a dark tunnel, Ripple’s ambitions signal cautious optimism in the crypto space. Keeping an eye on the evolving situation could lead to intriguing opportunities or a hard lesson in the ever-fluctuating world of cryptocurrency.
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