{"id":65442,"date":"2022-08-08T07:00:00","date_gmt":"2022-08-08T04:00:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=65442"},"modified":"2025-09-06T20:01:41","modified_gmt":"2025-09-06T17:01:41","slug":"the-wave-of-consolidation-why-ftx-and-binance-are-investing-billions-in-troubled-companies","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/the-wave-of-consolidation-why-ftx-and-binance-are-investing-billions-in-troubled-companies\/","title":{"rendered":"The wave of consolidation: why FTX and Binance are investing billions in troubled companies"},"content":{"rendered":"<p>Against a backdrop of a volatile macroeconomic environment <a href=\"https:\/\/forklog.com\/en\/news\/terras-death-spiral-how-and-why-luna-and-ust-collapsed\">the Terra collapse<\/a> triggered a deep crisis in the cryptocurrency industry.<\/p>\n<p>Several major players, including <a href=\"https:\/\/forklog.com\/en\/news\/celsius-files-for-bankruptcy-protection\">Celsius Network<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/three-arrows-capital-seeks-chapter-15-bankruptcy-protection-in-the-united-states\">Three Arrows Capital<\/a> (3AC), filed for bankruptcy; miners <a href=\"https:\/\/forklog.com\/en\/news\/how-the-bitcoin-price-collapse-hit-major-miners-and-what-comes-next\">faced<\/a> difficulties servicing debts and accessing capital, and the market saw a wave of liquidations.<\/p>\n<p>Some <a href=\"https:\/\/forklog.com\/en\/news\/nexo-ceo-compares-crypto-market-crisis-to-1907-bank-panic\">draw parallels<\/a> between the current situation and the 1907 banking panic. At the time, a string of poor decisions by lending institutions <a href=\"https:\/\/www.stlouisfed.org\/education\/the-panic-of-1907-jp-morgan-and-the-money-trust\">caused<\/a> a frenzied withdrawal of deposits by savers and threatened to crash the US economy.<\/p>\n<p>In the 20th century, the situation was &#8220;saved&#8221; by <a href=\"https:\/\/www.gothamcenter.org\/blog\/the-panic-of-1907-how-jp-morgan-took-over-wall-street\">on the rise<\/a> \u2014 wealthy financiers who put up their own money to support the American credit system. In 2022, this role was undertaken by the industry\u2019s crypto titans.<\/p>\n<p>ForkLog examined what goals crypto billionaires pursue by investing in troubled companies.<\/p>\n<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>Banking Panic of 1907 threatened to collapse the US economy, but the crisis was averted thanks to the efforts of John Morgan and other bankers. At the same time these figures became the main beneficiaries, wiping out rivals and expanding their own capital.<\/li>\n<li>The Terra collapse and the ensuing wave of bankruptcies among centralized market participants created a &#8220;perfect storm&#8221; for industry consolidation. Successful firms gained the chance to grow by absorbing weaker players.<\/li>\n<li>The &#8220;saviors&#8221; act in their own interests, providing funding to companies advantageous to themselves.<\/li>\n<li>As of writing there is no verified information on the concrete actions of players previously declaring readiness to invest in troubled industry participants. An exception is Sam Bankman-Fried and affiliated entities.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">A Veil Before the Eyes<\/h2>\n<p>In the first decade of the 20th century, the US economy <a href=\"https:\/\/www.gothamcenter.org\/blog\/the-panic-of-1907-how-jp-morgan-took-over-wall-street\">was on the rise<\/a> \u2014 bountiful harvests, low unemployment, high corporate profits.<\/p>\n<p>1906 proved so successful that American lending institutions borrowed about $500 million on European markets. The money was lent to corporations pursuing opportunities <a href=\"https:\/\/www.jstor.org\/stable\/2328558?read-now=1&#038;refreqid=excelsior%3A051e2b25b967b8980a9df770f46fe44f#page_scan_tab_contents\">to buy out rivals<\/a>.<\/p>\n<p>Meanwhile a number of events in the US dented stock-market stability:<\/p>\n<ul class=\"wp-block-list\">\n<li>In 1833 President Andrew Jackson <a href=\"https:\/\/www.history.com\/this-day-in-history\/andrew-jackson-shuts-down-second-bank-of-the-u-s\">refused<\/a> to renew the charter of the Second Bank of the United States (which expired in 1836), the de facto lender of last resort;<\/li>\n<li>In July 1906 the Hepburn Act was passed, allowing the <span data-descr=\"Interstate Commerce Commission, abolished in 1996\" class=\"old_tooltip\">ICC<\/span> to set maximum railroad tariffs. The act reduced the market value of sector shares;<\/li>\n<li>In November that year, the case against Standard Oil by John D. Rockefeller began. The company was accused of violating antitrust law.<\/li>\n<\/ul>\n<p>The combination of these factors and corporate approaches to business put the financial system at risk \u2014 as the market consolidated, debt levels rose.<\/p>\n<p>Banks underwriting bonds for companies also contributed, providing the liquidity that underpinned current lending.<\/p>\n<h2 class=\"wp-block-heading\">Banking Panic<\/h2>\n<p>A banking panic is a mass withdrawal of deposits from lending institutions amid doubts about their financial stability.<\/p>\n<p>The Panic of 1907 began in October with copper-market manipulation. Otto Heinze, brother of United Copper Company owner August Heinze, together with banker Charles Morse, sought to execute a scheme to aggressively buy the company\u2019s shares.<\/p>\n<p>However, Otto\u2019s plan collapsed, and his brokerage Gross &#038; Kleeberg went bankrupt. Almost simultaneously, the State Savings Bank of Butte, Montana \u2014 owned by August Heinze \u2014 declared insolvency.<\/p>\n<p>Depositors began withdrawing funds from banks tied to Heinze and Morse.<\/p>\n<p>Contagion spread rapidly to other sectors. By October\u2019s end, the New York Stock Exchange index had fallen 58% from its 1906 peak.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"337\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/ny-stock-index-1024x337.png\" alt=\"Dynamics of the New York Stock Exchange index\" class=\"wp-image-181185\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/ny-stock-index-1024x337.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/ny-stock-index-300x99.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/ny-stock-index-768x252.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/ny-stock-index-1536x505.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/ny-stock-index.png 1667w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of the New York Stock Exchange index. Data: <a href=\"https:\/\/fred.stlouisfed.org\/series\/M11007USM322NNBR\">Federal Reserve<\/a>.<\/figcaption><\/figure>\n<p>In November markets began to recover, and the aforesaid John Morgan played a key role, not only investing part of his own fortune to quell the crisis but also persuading other bankers to provide the liquidity needed.<\/p>\n<h2 class=\"wp-block-heading\">The Mightiest of Them All<\/h2>\n<p>Within the context of &#8220;saving&#8221; distressed market participants, the founder of JPMorgan &#038; Co. is the most conspicuous figure. His role in resolving the 1907 crisis is described by some as &#8220;almost godlike&#8221;.<\/p>\n<p>At the onset of the panic, Morgan\u2019s house wielded tremendous influence and a large liquidity cushion. Founded in 1901, United States Steel Corporation became the world\u2019s first publicly traded company with a market capitalization exceeding $1 billion.<\/p>\n<p>By 1907 the corporation controlled not only the steel business but a sprawling railway network. It owned lands whose total area was greater than the state of Massachusetts, and over 180,000 workers were employed at its plants.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIn 1906, U. S. Steel Corporation paid its employees $128 million \u2014 more than the United States spends on its army or navy. Fifty of its mines produced a sixth of all the world\u2019s iron ore. At its plants, more steel was produced than in Britain and Germany combined \u2014 a quarter of world production,\u201d wrote journalist Herbert Casson.<\/p>\n<\/blockquote>\n<p>John Morgan, then in Richmond, understood that the banking crisis was spreading and would soon engulf healthy institutions.<\/p>\n<p>However, apparently he was in good spirits. As Harper\u2019s Magazine editor Frederick Allen wrote, on his way to New York the millionaire \u201cwas in excellent spirits\u201d and \u201cwhistling some tune.\u201d<\/p>\n<h2 class=\"wp-block-heading\">The Good Reason and the Real Reason<\/h2>\n<p>Back in the US financial capital, Morgan joined George Baker (president of the First National Bank of New York) and James Stillman (chairman of the National City Bank of New York). They formed a committee to decide which institutions could still be saved and which should be sacrificed.<\/p>\n<p>For these aims, the bankers allocated about $30 million, including $10 million borrowed from John D. Rockefeller. The capital was used to lend to other lending institutions.<\/p>\n<p>At the same time, Morgan launched a series of aggressive M&#038;A deals. Primarily, JPMorgan absorbed Mercantile Trust and six other trust companies and banks.<\/p>\n<p>The financier seized the opportunity to buy shares of rivals, across the maritime, railway and steel sectors. The campaign\u2019s crowning achievement was the purchase of Tennessee Coal and Iron \u2014 a direct competitor to U. S. Steel Corporation.<\/p>\n<p>The deal came perilously close to violating antitrust law (the Sherman Act). To close the process, Morgan turned to President Theodore Roosevelt, who agreed to look the other way.<\/p>\n<p>Ultimately, Morgan\u2019s actions and those of his allies helped quell the panic, and by year\u2019s end the economy had stabilised. Yet the main \u201csavior\u201d ended up being the crisis\u2019 chief beneficiary.<\/p>\n<p>This did not escape the attention of politicians. In January 1913, congressman Ars\u00e8ne Pujo conducted an investigation and issued a detailed report on JPMorgan\u2019s activities.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Morgan and a number of other influential bankers gained consolidated control over numerous industries and monopolised them. No fewer than 18 large financial corporations were under the control of a consortium led by JPMorgan.<\/p>\n<\/blockquote>\n<p>Morgan, Baker and Stillman personally controlled more than $2.1bn through seven banks and trust companies. In addition, JPMorgan employees sat on the boards of 112 corporations with a combined market capitalisation of $22.5bn \u2014 at the time, the total value of all New York Stock Exchange shares was about $26.5bn.<\/p>\n<p>Despite the extensive evidentiary base and a wide-ranging investigation, no one named was held to account. Not surprisingly, some formed a view that the banking panic was artificial. After all, Morgan himself once said:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cA man always has two reasons for doing anything. A good reason and a real reason.\u201d<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">The Domino Effect<\/h2>\n<p>In 1907 the crisis lasted just under a month and plunged the US economy into recession. It is unclear how things would have ended if Morgan had not stepped in.<\/p>\n<p>In 2022, events in the digital-asset market unfolded more gradually and largely depended on macroeconomic factors, not solely on the actions of industry players.<\/p>\n<p>The Terra collapse occurred as the local bullish trend broke. The loss of the USD peg for UST triggered a cascade of liquidations in decentralized services. The final <a href=\"https:\/\/forklog.com\/en\/news\/terras-death-spiral-how-and-why-luna-and-ust-collapsed\">collapse of the ecosystem<\/a> of one of the largest cryptocurrencies became the catalyst for the downturn.<\/p>\n<p>When the dust settled, it was clear that the incident had infected the crypto industry. A number of major market participants used the Anchor protocol to stake UST and held positions in LUNA.<\/p>\n<p>The Terra problems, the market downturn and the subsequent <a href=\"https:\/\/forklog.com\/en\/news\/lidos-tokenized-ethereum-platform-falls-5-vs-the-original\">depeg of stETH<\/a> triggered a wave of bankruptcies among centralized participants, who parked client funds in decentralized services for extra yield.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"638\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/timeline_may9_july20-1024x638.png\" alt=\"Wave of consolidation: why FTX and Binance are investing billions in troubled companies\" class=\"wp-image-181186\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/timeline_may9_july20-1024x638.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/timeline_may9_july20-300x187.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/timeline_may9_july20-768x479.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/timeline_may9_july20.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<p>The situation is further compounded by the prevalence of leverage in the industry, which participants had previously overlooked. According to Binance CEO Changpeng Zhao, because of the leverage, the sector is facing a protracted crisis. He explained that debt positions of large funds and DeFi protocols are hard to unwind quickly. Yet such events trigger a cascading effect that spreads slowly.<\/p>\n<p>The industry appeared to be tearing at the seams \u2014 the bankruptcies of major players like 3AC and Celsius undermined confidence and hit their creditors, while accompanying fire sales hurt retail investors and <a href=\"https:\/\/forklog.com\/en\/news\/how-the-bitcoin-price-collapse-hit-major-miners-and-what-comes-next\">miners<\/a>.<\/p>\n<p>In an interview with Protocol, Logan Allin, founder and managing partner of Fin Venture Capital, described the situation as a \u201cperfect storm that will lead to the consolidation of the entire industry.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Sam Bankman-Fried is doing a personal (and personally lucrative) bailout of the crypto financial system like JP Morgan personally bailed out the US banking system in the panic of 1907. \u2026 by 1913 the federal reserve was created as a reaction to this crisis. <a href=\"https:\/\/t.co\/fmxLySvQ2Z\">https:\/\/t.co\/fmxLySvQ2Z<\/a><\/p>\n<p>\u2014 Will Diamond (@wdiamond_econ) <a href=\"https:\/\/twitter.com\/wdiamond_econ\/status\/1542603796554981376?ref_src=twsrc%5Etfw\">June 30, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cBankman-Fried is personally (and for personal gain) saving the crypto-financial system the way John Morgan personally saved the banking system during the 1907 panic,\u201d said Will Diamond, finance professor at the Wharton School.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">Be John Morgan<\/h2>\n<p>For players with deep pockets, the crisis is, of course, a golden opportunity to expand. After all, the sector\u2019s valuations have fallen sharply.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">OTC valuations I received vs. last valuation (unsolicited): <\/p>\n<p>+ FTX, Animoca -> 25% off<br \/>+ Blockchain, ConsenSys, Kraken, OpenSea -> 50% off<br \/>+ Celsius -> 90% off <a href=\"https:\/\/t.co\/ToPCbc1KLr\">pic.twitter.com\/ToPCbc1KLr<\/a><\/p>\n<p>\u2014 Ryan Selkis \ud83e\udd77 (@twobitidiot) <a href=\"https:\/\/twitter.com\/twobitidiot\/status\/1542719074937061376?ref_src=twsrc%5Etfw\">July 1, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>That\u2019s why not only Bankman-Fried proclaims himself a &#8220;savior&#8221; \u2014 other industry giants have announced plans too.<\/p>\n<p>In June, Changpeng Zhao noted that crypto winter is an ideal time for acquisitions. In the same month he declared that Binance is &#8220;obliged&#8221; to protect users and help the rest of the industry survive. He stressed that some companies and products are poorly designed, managed and exploited. He argued that newer, better projects will replace them, so there is no need to rescue them.<\/p>\n<p>In particular, Zhao criticised Alameda&#8217;s deal with Voyager Digital, saying he would never have agreed to such a deal \u2014 and that a loan from Bankman-Fried would not save the broker \u2014 and he was right: the firm eventually filed for bankruptcy.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">So, 3AC owes Voyager a few 100m, went bust. FTX\/Alameda gives 3AC $100m, but didn\u2019t save it.<\/p>\n<p>Alameda invests in Voyager, then takes a $377 million loan from Voyager\u2026 ok\u2026<\/p>\n<p>V went bust. FTX didn\u2019t \u201cbail them out\u201d or return the money?<\/p>\n<p>hard to follow?<a href=\"https:\/\/t.co\/yx6RJjVZrB\">https:\/\/t.co\/yx6RJjVZrB<\/a><\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1545055439867428866?ref_src=twsrc%5Etfw\">July 7, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cBankman-Fried is personally (and for personal gain) saving the crypto-financial system the way John Morgan personally saved the banking system during the 1907 panic,\u201d said Will Diamond, finance professor at the Wharton School.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">Becoming John Morgan<\/h2>\n<p>For players with large cash reserves, the crisis is an excellent opportunity to expand. Not only Bankman-Fried claims to be a &#8220;savior&#8221; \u2014 other industry giants have announced relevant plans as well.<\/p>\n<p>In June Changpeng Zhao noted that crypto winter is a great time for acquisitions. In the same month he stated that Binance is &#8220;obliged&#8221; to protect users and help the rest of the industry survive. He stressed that some companies and products are poorly designed, managed and exploited. He argued that newer, better projects will replace these, so there is no need to rescue them.<\/p>\n<p>Specifically, Zhao criticized Alameda&#8217;s deal with Voyager Digital, saying he would never have agreed to such a deal \u2014 and that a loan from Bankman-Fried won\u2019t save the broker \u2014 and he was right: the company eventually filed for bankruptcy.<\/p>\n<p>In July Zhao said that Binance intends to help industry participants who face a \u201cslight liquidity shortage\u201d and is in talks with more than 50 companies.<\/p>\n<p>The billionaire stressed that his platform does not compete with FTX, as the latter is more focused on the U.S. market. Yet since the crisis began the exchange has made no public statements about acquiring or funding any company.<\/p>\n<p>But then Justin Sun claimed he would earmark $5 billion for troubled market participants and said he was approached by several industry representatives \u2014 for talks about potential deals he brought in an unnamed investment bank.<\/p>\n<p>However, no public steps followed. At the end of July he announced that Tron DAO would acquire Tencent\u2019s NFT marketplace Huan He, which somewhat aligns with the industry-rescue strategy.<\/p>\n<p>Nevertheless, Sun has his own problems \u2014 in mid-July Tron managed to restore the peg of its algorithmic stablecoin USDD to the US dollar. It seems this issue concerns him more than others.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"und\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/USDD?src=hash&#038;ref_src=twsrc%5Etfw\">#USDD<\/a> \ud83d\udc40 <a href=\"https:\/\/t.co\/YaVs68bEK1\">pic.twitter.com\/YaVs68bEK1<\/a><\/p>\n<p>\u2014 H.E. Justin Sun\ud83c\udf1e\ud83c\uddec\ud83c\udde9 (@justinsuntron) <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1552254029866373122?ref_src=twsrc%5Etfw\">July 27, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"wp-block-heading\">Consequences of Consolidation<\/h2>\n<p>Speaking with ForkLog, KuCoin chief Johnny Lu observed that the crisis is an excellent moment to explore ways to jointly improve the industry.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe crypto industry is defined by co-existence and co-creation. Collaboration and mutual support are what ensure the sector and its participants survive. \u2026 When the industry faces a crisis, we look forward to responsible builders stepping in to defend it, and we are ready to play that role ourselves,\u201d he said.<\/p>\n<\/blockquote>\n<p>But there is another side. Companies and owners pursue very specific goals \u2014 namely, to maximise efficiency and profit. So their intentions may not align with the ideals of the blockchain culture.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe real reason for their investments is something you can understand only by knowing what\u2019s in their heads. But my hunch as a businessman is that they are buying traffic and users,\u201d ForkLog founder Mikhail Chobanian explained.<\/p>\n<\/blockquote>\n<p>The US banking panic and the Pujo report led to the creation of the Federal Reserve System. The appearance of a similar structure in the digital-asset market seems unlikely.<\/p>\n<p>What can be expected is increased regulatory scrutiny. However, according to Lu, crypto empires should not fear antitrust lawsuits.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWhether a company becomes the target of antitrust investigations depends on whether it shows signs of monopolistic behaviour. Neither huge trading volumes nor vast resources can create a monopoly. In a decentralised industry there cannot be monopolists due to its diversity and dynamism. No one will gain from concentrating influence in a small circle,\u201d he said.<\/p>\n<\/blockquote>\n<p>Concerns about ongoing reshuffles remain. Lu said consolidation carries systemic risks of centralisation. Yet he noted these are natural processes that would occur regardless of market conditions.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cConsolidation equals centralisation. The same risks stay: switch off one \u2014 switch off a third of the industry, a quarter, perhaps one fifth. On the other hand, these are natural processes. Market monopolisation is probably in our DNA,\u201d he said.<\/p>\n<\/blockquote>\n<p>Lu added that other companies will later try to prise a share of the market from the moguls. In his view, a cycle of companies and influence will recur worldwide.<\/p>\n<p>History shows that crises have winners and losers. But it is too early to judge how the consolidation wave will end, as there is no reliable information about the actions of major players yet.<\/p>\n<p>Read ForkLog\u2019s bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Against the backdrop of the crypto industry\u2019s contagion, Sam Bankman-Fried, Changpeng Zhao and Justin Sun announced plans to deploy billions to help troubled players. ForkLog examines what the industry magnates are aiming to achieve.<\/p>\n","protected":false},"author":1,"featured_media":65443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[744,83,1236],"class_list":["post-65442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-binance","tag-business","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/65442","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=65442"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/65442\/revisions"}],"predecessor-version":[{"id":65444,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/65442\/revisions\/65444"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/65443"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=65442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=65442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=65442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}