FTX walks away deal to buy Terra Luna's Terra Luna

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.

Sources 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 been in talks with another platform, BlockFi, which has also had issues with liquidity after the downfall of Terra Luna.

A recent report from Nansen identified Three Arrows Capital withdrew a huge amount of 29,054 stETH from BlockFi on June 7, which was worth around $50 million at the time. FTX took over the entire operation if a deal can be made, and offered a $250 million line of credit to BlockFi.

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

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

It was valued at $3.5 billion after a raise of $750 million in late 2021. The company is currently pursuing strategic transactions as well as a restructuring of its liabilities based on a blog post published June 30.