FTX has walked away from a deal to acquire Celsius after reviewing its balance sheet and finding a “$2 billion hole,” according to a June 30 report by The Block.

Two sources reportedly told The Block that “FTX found the company difficult to deal with” and ultimately passed on a deal due to “the state of its finances.”

FTX has recently begun talks with another crypto platform, BlockFi, which has also experienced liquidity issues following the downfall of Terra Luna.

A recent Nansen report identified how “Three Arrows Capital “withdrew a sizable amount of 29,054 stETH from BlockFi” on June 7, which was worth around $50 million at the time. FTX swooped in to offer a $250 million line of credit to BlockFi and may now take over the entire operation if a deal can be made.

FTX CEO Sam Bankman-Fried also personally acquired shares in Voyager Digital after FTX’s parent company, Alameda Ventures, issued a $200 million and 15K Bitcoin loan to the exchange.

SBF, through FTX and Alameda Ventures, appears ready to shop for deals amid the contagion from the collapse of Terra Luna.

Celsius was valued at $3.5 billion following a raise of $750 million in late 2021. Currently, the company is “pursuing strategic transactions as well as a restructuring of our liabilities” based on a blog post published June 30.

The post FTX discarded Celsius deal after reportedly finding $2B missing from its balance sheet appeared first on CryptoSlate.

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