Sam Bankman-Fried’s $16 Billion Fortune Now Becomes To Zero
The collapse of FTX is arguably the most devastating event in the history of the cryptocurrency industry, and its CEO Sam Bankman-Fried is suffering as a result.
According to Bloomberg Billionaires Index, Sam Bankman-Fried, the former CEO of now-bankrupt FTX and a former billionaire, had all of his net worth destroyed within the previous 24 hours, a fall of 100%.
A probable trade stoppage has reduced the value of FTX to only $1, according to the index. Following that, the firm was valued at about $8 billion in a funding round in January. A downturn that undoubtedly affected the platform’s youthful CEO, Sam Bankman-Fried, who still owns 70% of it.
Binance withdrew from the agreement after more research, and now SBF is requesting $9.4 billion to salvage FTX. A group of investors, led by Justin Sun and OKX, has been discussed as a possible solution to save the platform. However, there have not yet been any confirmed reports of a deal being closed.
The collapse of the exchange also had consequences at this time, causing the prices of coins to plummet at the time of FTX’s announcement of SBF’s resignation.
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