FTX closing in on deal buy BlockFi for $25 million. Was last valued at $4.8 billion

CNBC citing three sources said FTX is closing in a deal for BlockFi. They warned the price could shift before tomorrow, when it's expected to close.

BlockFi's last private valuation was $4.8 billion and had raised almost $1 billion in venture capital funding. The company received an emergency $250m line of credit from FTX.

This basically wipes out all of BlockFi's investors but at least it will save the clients. Meanwhile, earlier today it was reported that FTX walked away from Celsius after finding a huge hole in its balance sheet.