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Saturday, December 10, 2022

How To Lose $16 Billion In 3 Days: How Sam Bankman-Fried’s Wealth Disappeared | Zenger

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Sam Bankman Fried, a co-founder of FTX, saw his riches destroyed some days ago, with a value loss of nearly 90% to $1 billion.

After a liquidity crisis wrecked havoc on FTX and the cryptocurrency market, there was a huge dip. Rival Binance initially agreed to buy FTX.com but later backed out of the agreement. Bankman-wealth Fried’s has since been further diminished by the bankruptcy of FTX, which includes the FTX.us division. Based on his 70% ownership position in the FTX.us company, which was valued at $8 billion in January, Bankman-net Fried’s worth was roughly $1 billion. Alameda Research, Sam’s hedge-fund, also declared bankruptcy. Bankman-Fried was the 95th richest person in the world prior to FTX’s demise and believed to be worth $15.6 billion. In March, Bloomberg estimated Bankman-Fried to be worth $26 billion at his height. The key question will probably be whether Bankman-Fried made his investments directly or via one of the entities, such FTX or Alameda Research. Questions have arisen over the integrity of such exchanges, and many analysts are pointing out that Sam Bankman Fried’s residency in the Bahamas should have been a red flag to investors.  

Source:https://www.zenger.news/2022/11/12/how-to-lose-16-billion-in-3-days-how-sam-bankman-frieds-wealth-disappeared/

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