Sam Bankman Fried, founder of the “FTX” platform, from $16 billion to zero. A crypto billionaire loses his fortune overnight.
The fortune of Bunkman Fried, the founder of the “FTX” cryptocurrency platform, has evaporated. of $16 billion to zero.
30-year-old Sam Bankman Fried, one of the most influential figures in the crypto space, woke up last Monday morning. He is still a billionaire, but by the end of the week his huge fortune had vanished.
The popular platform announced that its founder and CEO, Sam Bankman Fried, would step down, bringing down one of the richest and most influential crypto tycoons.
The cryptocurrency trading platform FTX has filed for Chapter 11 bankruptcy, after a severe liquidity crisis caused by investors rushing to withdraw their money.
The US Department of Justice has launched an investigation into FTX, looking into whether the collapsed cryptocurrency exchange violated rules related to protecting consumer deposits and relationships with trading affiliates, according to Bloomberg.
Sam Bankman Fried's fortune fell from $26 billion earlier this year to $16 billion at the beginning of this week, before disappearing completely on Friday, in what a Bloomberg report described as "one of the greatest wealth destruction in history."
The currency of the FTX platform, FTT, is down more than 75 percent in one day, according to data from CoinDesk, a cryptocurrency specialist.
The FTX platform had seen withdrawals worth $6 billion in the 72 hours before Tuesday morning.