The meteoric rise and tragic fall of cryptocurrency prodigy Sam Bankman-Fried.

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1 year ago

November 15, 2022

According to a source, FTX founder Sam Bankman-Fried lost $16 billion this week.The crypto exchange used customer funds to cover trading losses during a liquidity crisis.

Amid FTX’s collapse this week, creator and CEO Sam Bankman-Fried (SBF) has suddenly converted from a crypto industry idol and so-called “savior” into a humiliating figure, liable for potentially billions of dollars’ worth of consumer losses. .

Following FTX's bankruptcy filing today, Bloomberg's Billionaires Index reported that Bankman-assets Fried's plunged from $16 billion to nothing. Bloomberg thinks that most of his assets were in the companies, but he may have other holdings it doesn't track.SBF's crypto fortune was worth $26 billion this spring before the market crashed.Bloomberg called last week's personal loss “one of history's greatest-ever destructions of wealth.”FTX may have a multibillion-dollar balance sheet hole. . SBF resigned as CEO today after filing.

After founding Alameda in 2017, Bankman-Fried created FTX in 2019. In 2020, he became known as a "crypto rescuer" for saving SushiSwap after its originator quit the community.FTX expanded slowly into early 2021, but sports and celebrity alliances boosted its profile and trade volume. FTX funded Team SoloMid and the Miami Heat arena in a couple of months.Tom Brady, Steph Curry, and Naomi Osaka promoted crypto in FTX advertisements. This year's Larry David-starring FTX Super Bowl commercial boosted that push.

The company raised a $1 billion Series B in July 2021, $421 million in October 2021, and $400 million in January 2022. Fundraising for FTX US, a US exchange, is distinct. The January fundraising valued FTX at $32 billion.SBF's wealth and fame grew to $26 billion. .He also suggested he may spend up to $1 billion on political donations before the 2024 presidential race, but later recanted.when On Decrypt's weekly podcast in August, SBF acknowledged bailing out Voyager Digital was probably "$70 million down the drain." . he told Decrypt.

Those companies have few options, and their leaders may wish someone else had helped.But Bankman-Fried was worth billions, and presented the $750 million he handed in bailouts earlier this year to Voyager and BlockFi as a part of his “responsibility” as a crypto CEO.Bankman-Fried told NPR, “I do feel like we have a responsibility to really consider stepping in, even if it is at a loss to ourselves, to halt contagion. Even if we weren't involved or caused it.

FTX and its affiliates filed for bankruptcy, lowering SBF's projected net worth. Crypto Twitter isn't buying Bankman-"truly Fried's sorry" for the incident. Nor The exchange may hold billions of dollars in consumer assets for years in bankruptcy proceedings. Additionally, companies like BlockFi are disclosing their FTX exposure, spreading the crypto pandemic that SBF sought to prevent. The SEC, DOJ, CFTC, Texas State Securities Board, and California Department of Financial Protection and Innovation are investigating Bankman-Fried and FTX.


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