Sam Bankman-Fried suffers 94% financial loss

Sam Bankman-Fried hits bottom with a 94% loss with FTX

Image source: The Information

Sam Bankman-Fried made his mark as a cryptocurrency entrepreneur as the industry grew.

The renowned crypto entrepreneur is known for providing financial lifelines to struggling businesses in the crypto industry.

However, after a turn of events, Sam Bankman-Fried needs financial help.

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SBF

Sam Bankman-Fried is commonly referred to as SBF in the cryptocurrency world.

Earlier this week, he was one of the wealthiest people in the world.

Bankman-Fried was a billionaire with a net worth of over $15 billion, according to the Bloomberg Billionaire Index.

However, his FTX cryptocurrency exchange went down, putting his position in danger.

Now the club could overthrow Sam Bankman-Fried within days.

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FTX

Sam Bankman-Fried’s most valuable assets were his stakes in the cryptocurrency exchange FTX.

FTX is the cryptocurrency exchange he founded along with Alameda.

Meanwhile, Alameda is a cryptocurrency trading house.

The Bloomberg Index assumes the stock market would wipe out Bankman-Fried and others.

The index also suggested that FTX and Alameda would become worthless unless Binance rescued them.

However, Binance announced Thursday that it would withdraw from the deal.

Sam Bankman-Fried’s net worth is now worth over $1 billion.

According to the Bloomberg Index, his net worth fell 94%, making it the most enormous one-day loss for a person.

Reference:

Crypto’s white knight lost 94% of his wealth in a single day

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