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Rumors of a BlockFi sale for a paltry $25 million are swirling around the internet. CEO Zac Prince responded to the claim…

FTX closes in on a deal to buy embattled crypto lender BlockFi for $25 million in a fire sale https://t.co/9uRESw9KCt

— CNBC (@CNBC) June 30, 2022

Kate Rooney of CNBC reported earlier today that FTX is buying BlockFi for the super low price of $25 million USD. According to Rooney, three sources familiar with the matter — who wished to remain unnamed — divulged the details of the deal.

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• The term sheet is not finalized but it’s set to finalize by the end of the week. Rooney didn’t clarify whether a BlockFi sale should be expected by Friday or Sunday.
• Both BlockFi and FTX declined to comment. However, CEO of BlockFI Zac Prince responded to the rumors via Twitter: “Lots of market rumors out there – I can 100% confirm that we aren’t being sold for $25M. I encourage everyone to trust only details that you hear directly from @BlockFi. We will share more w you as soon as we can.”
• The obscenely low number being reported is quite different than the last valuation of BlockFi, which valued the crypto savings and lender at 4.8 billion.
• We previously reported on BlockFi and FTX and how early investor Morgan Creek Digital was trying to raise enough money to beat an offer by FTX. An FTX purchase would possibly leave Morgan Creek with nothing.
• Reportedly, the $250 million dollar credit line extended to BlockFi doesn’t hamper its ability to sell to the highest bidder. BlockFi is apparently entertaining several offers.

The post BlockFi CEO Responds To Rumors They Sold For $25 Million appeared first on CryptosRus.