FTX funded 94% of Blockfolio takeover with its FTT token: Bloomberg
When now-defunct crypto exchange FTX acquired the portfolio tracking platform Blockfolio in 2020, it used its own exchange token, FTT, to fund the takeover, according to Bloomberg. which FTX created — Bloomberg reported, citing financial statements it obtained.
The financial details of FTX's purchase of Blockfolio were previously unclear, though it was widely reported at the time that the exchange paid with a combination of cash, crypto and equity. The news follows a late complaint yesterday from the U.S. Securities and Exchange Commission which claims FTT is a security. It specifically noted that FTX used proceeds from the FTT token sale to fund its business efforts.
Source
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