CEO of cryptocurrency exchange FTX has become a pauper
Sam Banksman-Freud’s wealth has shrunk by $14.6 billion
Property decreased in 24 hours, approximately 94% reduction
New Delhi. The wealth of Sam Bankman-Freud, CEO of cryptocurrency exchange FTX, plummeted by $14.6 billion in 24 hours. The net worth of Freud, one of America’s billionaires, has plummeted by around 94%. According to a report by Bloomberg, this is the biggest drop in wealth for a billionaire in a single day. Sam Banksman-Freud’s wealth has fallen to $991.5 million, when he owned $15.2 billion. Sam, 30, became almost like a pauper, he didn’t know that one mistake would bring such a big earthquake in his life.
In fact, Sam’s net worth was due to the cryptocurrency exchange FTX and he announced that FTX was being sold and it was being bought by its rival Binance. He gave this information via tweet. After that, Changpeng Zhao, the head of the world’s largest cryptocurrency platform, Binance, also confirmed this. He said that the contract to buy FTX was finalized and he signed it. Describing FTX as a small exchange, Zhao said that this exchange is going through a cash crisis.
Sam Bankman Freud, known on social media as SBF, studied at the Massachusetts Institute of Technology and his father is a professor at Stanford Law School. He worked as a broker at Waugh Street, but then Sam moved into cryptocurrency in 2017.
Tags: American billionaires, Cryptocurrency
FIRST POST: November 11, 2022, 05:30 HST