Nigerian crypto big boy offers to compensate traders with N221 million

Following the liquidation of thousands of crypto traders, a Nigerian trader, Gaius Chibueze, has volunteered to donate $500,000 to offset investors' losses on FTX. This Bahamian cryptocurrency exchange collapsed on Wednesday, November 9, 2021.

Chibueze, in a tweet, stated that the crypto industry needed to rally behind FTX and support with the required funds to bounce back.

According to him, what the exchange needed to sort out the issue and save the crypto industry from the imminent collapse was just $8 billion.

He said despite Binance's reluctance to acquire the collapsed platform, the players could help save the Industry by contributing to rebuilding the Industry by lending money to players, saying, 'I am ready to support with $500k.'

Chibueze said: "All FTX needed to sort out what is currently destroying the entire crypto market is just 8 billion USD.

Even if Binance is not buying FTX again why can't industry players come together and save the Industry by contributing and Lending them this Money? I am ready to support with $500k."

The self-styled crypto chief was responding to the massive crash in the Industry, which saw investors liquidated in their millions.

FTX collapse shook the Industry on Wednesday when a report said that its CEO, Sam Bankman-Fried, has disappeared from the Bloomberg Billionaires Index after his wealth plunged nearly 94 per cent to $991.5 million in one day.

Binance CEO Changpend Zhao announced that he had reached a deal to acquire the platform after concerns emerged about FTX's insolvency, which led to slowing down withdrawals and a crash in the exchange's native token price.

Coindesk reported that Bankman-Fried was worth an estimated $15.2 billion but had $14.6 billion of his wealth wiped out overnight.