- In just four years, Sam Bankman-Fried became a crypto billionaire. However, it only took one day for the majority of his fortunes.
- Co-founder of cryptocurrency trading platform Alameda Research and cryptocurrency exchange FTX, Alameda Research saw the value of his net worth drop from almost $16 billion down to $1 billion within a day that FTX collapsed.
- Bankman-Fried, also known by SBF, has resigned as CEO, while FTX commences Chapter 11 proceedings.
In a matter of days, the entire world can fall apart.
Sam Bankman-Fried, a 30-year old with brown hair and enough power to go by his initials SBF, was last Tuesday. He owned a cryptocurrency exchange called FTX and a trading company called Alameda Research. He also had $15.6 billion in his name. AccordingBloomberg estimates
He had catapulted into one the most important names in cryptoHe was already focusing on mainstream finance in just four years.
Now, he’s Left with only $1 billion and his initials. Friday, FTX AnnouncementJohn J. Ray III will succeed Bankman-Fried, who resigned as CEO. FTX and Alameda Research were also among the 130 companies that were affiliated. have begun Chapter 11 bankruptcy proceedings.
Since months, the possibility of Bankman-Fried’s financial collapse has been looming. There have been reports this year that FTX had “shaky financial foundations”, amid larger instabilities on the global crypto market. AccordingThe New York Times
Here’s how SBF became crypto’s most famous poster child and its most cautionary tale.
