Bitcoin miner expects ‘many more’ bankruptcies after FTX collapse
Crypto mining firms listed in Toronto expect more turmoil and a lingering crisis of confidence in digital assets after the collapse of Sam Bankman-Fried’s FTX. as well as smaller ones, is squeezing overleveraged miners and hedge funds that have lent money to the sector, according to the executive chairman of Hive Blockchain Technologies Ltd.
“There are still many more bankruptcies” to come, Frank Holmes said in a phone interview. FTX’s stunning tumble into bankruptcy has even affected already-insolvent firms like Voyager Digital Ltd., a crypto brokerage that filed for Chapter 11 in July and for which FTX had made a takeover offer, he noted. Voyager announced Friday that it’s reopening a bidding process as part of its own bankruptcy proceedings.
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