How crypto billionaire Sam Bankman-Fried survived the market wreckage and still expanded his empire

FTX CEO Sam Bankman-Fried says he still has cash to spend if opportunity knocks. FTX’s main competitor, Coinbase, has seen its shares plunge 70% and laid off a fifth of its workforce as crypto prices crashed this year. The 30-year-old billionaire says it was a result of stashing away ample cash, keeping overhead low, avoiding lending and being able to move quickly as a private company. In July, FTX signed a deal that gives it the option to buy lender BlockFi after providing a $250 million line of credit. In addition to its success with professional traders, it’s making an expensive land grab for U.S. retail trading audience.

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