- Sam Bankman-Fried catapulted right into a crypto billionaire, nevertheless it took simply at some point for many of his fortune to be worn out.
- The co-founder of cryptocurrency trade FTX and Alameda Analysis noticed his web price plummet from practically $16 billion to $1 billion.
- Bankman-Fried, often known as SBF, has since resigned as CEO whereas FTX begins Chapter 11 proceedings.
A month in the past, Sam Bankman-Fried was a 30-year-old with a mop of brown hair and sufficient clout to go by his initials, SBF. He had a cryptocurrency trade known as FTX, a buying and selling agency known as Alameda Analysis, and $15.6 billion to his identify, based on estimates from Bloomberg.
He had catapulted into one of many greatest names in crypto in a matter of 4 years and was setting his sights on mainstream finance.
Now, all he has left are his initials and, he thinks, $100,000 left within the financial institution. On November 11, FTX announced Bankman-Fried was resigning as CEO and would get replaced by John J. Ray III. As well as, FTX, Alameda Analysis, and roughly 130 affiliated firms have begun Chapter 11 chapter proceedings.
The collapse of Bankman-Fried’s fortune has loomed for months. Studies have been circulating this yr that FTX was on a “shaky monetary foundations” amidst bigger instabilities within the world crypto market, based on The New York Occasions.
Bankman-Fried spoke to Andrew Ross Sorkin on the New York Occasions DealBook Summit on Wednesday, the place he stated he doesn’t “personally assume that” when Sorkin requested if he was apprehensive about being held criminally answerable for the collapse of FTX.
He stated he’s extra targeted on serving to FTX’s thousands and thousands of consumers and stakeholders who misplaced cash from the trade.
This is how SBF went from crypto’s poster little one to its best cautionary story:
