Sam Bankman-Fried Debunks Rumors of Causing Celsius’ Situation

UTC by Mayowa Adebajo · 2 min read
Sam Bankman-Fried Debunks Rumors of Causing Celsius’ Situation
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SBF feels it is only dutiful to make a move for the general good of the entire crypto market, even if it will come at a personal loss.

While Celsius remains on the brink of insolvency, the CEO of asset management firm Alameda Research, Sam Bankman-Fried (SBF), has denied claims of his firm’s involvement in the whole situation. Instead, he claims that Alameda feels a sense of duty to step in and save the situation from worsening.

‘We Have No Interest in Hurting Celsius’, SBF Claims

One way or another, the downward trajectory that has greeted the crypto market since 2022 began, is lasting longer than expected. And several crypto firms are on the brink of liquidation. Surprisingly, big firms like Celsius and Three Arrows Capital (3AC), are amongst the firms that could potentially collapse.

However, Sam Bankman-Fried has now claimed that Alameda Research may be ready to salvage the situation to avoid a sort of cascade effect. This is because, when firms such as Celsius collapse, it’s almost certain that they will bring a host of others down with them. So by “stepping in,” SBF and his team hope to be able to prevent the current bear market from eating deeper into the crypto sector.

While speaking in an interview with NPR on Sunday, the billionaire CEO explained his intentions. He said this would not be the first time his company will be extending a goodwill gesture such as this. He recalled when FTX funded Japanese crypto exchange Liquid, with about $120 million last year. Additionally, he also made bold claims about how big both Alameda and FTX are as companies. And in line with that thought, he feels it is only dutiful to make a move for the general good of the entire market. And that is even if it will come at a personal price. He said in part:

“Even if we weren’t the ones who caused it, or weren’t involved in it. I think that’s what’s healthy for the ecosystem, and I want to do what can help it grow and thrive.”

The Rumours

Meanwhile, despite all the good intentions that SBF is showing towards crypto firms in their trying times, rumours are rife that Alameda had a hand in the recent situation of Celsius.

However, SBF has now responded to the accusations, claiming they are false. Part of his tweet on Monday reads:

“lol this is definitely false. We want to help those we can in the ecosystem, and have no interest in hurting them…”

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Mayowa Adebajo

Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.

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