Following the crisis in FTX, the firm’s CEO, Sam Bankman-Fried (SBF), has been trying to salvage the exchange. He has been gathering resources and funds from other subsidiaries and SBF-owned companies like Alameda to support FTX. FTX crypto exchange has been struggling recently due to liquidity issues.
As a result, the firm is gradually sinking as its reserve balances keep moving to the south. Also, the native token, FTT, has lost over 20% of its value within a few days. Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.
5 BTC + 300 Free Spins for new players & 15 BTC + 35. 000 Free Spins every month, only at mBitcasino. Play Now! The trauma on FTX is linked to the unfolding drama with Binance, another giant crypto exchange.
Some days ago, the CEO of Binance, CZ, announced that the firm would soon liquidate all its FTT holdings. This created a crack for FTX, and its token started going down the next day. Related Reading: Japanese Web 3 Lawmaker Urged To Make The Crypto Regulation More Easier Sam Bankman-Fried Drops In Bloomberg’s Wealth Index The entire event has cut down the net worth of the crypto billionaire.
According to Bloomberg Billionaire Index, SBF suddenly lost about 94% of its wealth. This massive drop removes the privilege of being called a ‘billionaire’ from Sam Bankman-Fried (SBF). Before now, Bloomberg’s wealth index placed Sam Bankman-Fried (SBF) as a high rider in wealth.
It recorded an estimated peak of $26 billion as its net worth. But Bankman-Fried has now fallen below the top 500 billionaires in the index. BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Bloomberg’s report on November 9 discussed the possible drainage of SBF’s fortune once the sale of his FTX exchange is completed.
In addition, there have been rumors of Binance, the rival crypto exchange, vying for the buying offer. Sam Bankman-Fried entered a liquidity crisis. The situation continued intensifying, requiring a potential bailout from any source.
Subsequently, the CEO of Binance, CZ, opted to take over the FTX though the deal was inconclusive. Wealth Crumbles Over A Single Day SBF’s stake in FTX was 53%, worth about $6. 2 billion.
The entrepreneur also has ownership rights in Alameda Research worth $7. 4 billion. The assumption of the Bloomberg wealth index is flat out for both Sam Bankman-Fried (SBF) and other existing investors.
According to Bloomberg , SBF is currently worth around $1 billion. It noted that the entrepreneur dropped from $15. 6 billion, representing the biggest single-day collapse in the Bloomberg records of billionaires.
Related Reading: Crypto Liquidations Exceed $830 Million As Bitcoin Crashes At the moment, the firm is yet to disclose the details of the Binance acquisition of FTX. However, the US arm of the firm, FTX. US, is not part of the deal.
Earlier in the year, this exchange branch was valued at $8 billion. The FTX token, FTT, has been on a downward slide through the drama. The coin has lost over 94% of its ATH value since September 2021.
At the time of writing, the price of FTT is trading at $2. 18, depicting a drop of 72% over the past 24 hours. The native token of FTX falls below $3 l FTTUSDT on Tradingview.
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Leave this field empty if you’re human: Denis Denis is a passionate writer and editor and he’s been writing in finance industry for almost 6 years. Related Posts Crypto Liquidations Exceed $830 Million As Bitcoin Crashes 9 hours ago Coinbase CEO Says The Crypto Exchange Won’t Suffer The Same Fate As FTX 12 hours ago Galaxy Reveals $76 Million Exposure To FTX Exchange, Contagion Spreads 12 hours ago FTX-Binance Drama: FTT Loses $2. 5 Billion In Market Value – Going For Nil? 17 hours ago BaFin Issues Warnings To Coinbase Germany For Alleged Business Violations 1 day ago BitDAO Community Targets Almeda For Allegedly Dumping BIT Tokens 1 day ago.
From: bitcoinist
URL: https://bitcoinist.com/sam-bankman-fried-not-bloombergs-billionaire-club/
