New Revelation: FTX’s Acquisition of Blockfolio Paid in FTT Tokens Which are Now Virtually Worthless – Here’s What You Need to Know

23 Dec 2022 03:53 AM 

By Fredrik Vold @fredrik-vold

A report has revealed that FTX's acquisition of the Blockfolio crypto mobile app was mostly paid for in FTX's own FTT tokens which are now virtually worthless.

According to Bloomberg, which said it has obtained financial statements from FTX, about 94% of the Blockfolio acquisition was paid for in FTT tokens. The amount paid was roughly $84m for a 52% equity stake in Blockfolio.

The original deal came with an option for FTX to buy the rest of the company within two years and valued Blockfolio at almost $160m.

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