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FTX closes in on a deal to buy embattled crypto lender BlockFi for $25 million in a fire sale

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cnbc.com

FTX is swooping in to buy crypto lender BlockFi for pennies on the dollar, sources told CNBC. The term sheet is almost over the finish line and expected to be signed by the end of the week, according to one source, who asked not to be named because the deal discussions were confidential.

FTX will pay roughly $25 million — 99% below BlockFi's last private valuation. Jersey City, New Jersey-based BlockFi was last valued at $4.8 billion, according to PitchBook.

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