FTX looks for $9.4 bn in rescue funds, Bahamas freezes some assets

FTX is scrambling to raise about $9.4 billion from investors and rivals, a source said on Thursday, as Chief Executive Sam Bankman-Fried urgently seeks to save the cryptocurrency exchange that has been buffeted by a rush of customer withdrawals.

Bankman-Fried has discussed raising $1 billion each from Justin Sun, the founder of crypto token Tron, rival exchange OKX and stablecoin platform Tether, according to the source who has direct knowledge of the matter.

He is seeking the remainder from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, the source added.