Sam Bankman-Fried, 30, one of the youngest billionaires in the world, lost all of his wealth in eight months, going from $26 billion (N11.4 trillion) to zero.
After declaring bankruptcy in the United States of America, Bankman-Fried loses his status as a billionaire or millionaire.
Bankman-Fried, who is today worth nothing, abandoned his position as CEO when his company’s bankruptcy was announced.
A few months earlier, Bankman-net Fried’s worth surpassed $26 billion, while the value of his business, FTX, peaked at $32 billion at the end of the previous year.
In March 2022, the Bloomberg Billionaire Index had Bankman-Fried rated five positions ahead of Aliko Dangote, and Forbes had referred to him as a crypto genius in its list of crypto billionaires.
But during the past two weeks, the value of cryptocurrencies has sharply fallen by more than 20%, wiping billions from investment accounts.
Following Bankman-fall Fried’s from grace, checks showed that his name had been omitted from the Forbes and Bloomberg wealthy lists.
In response to the news, Bankman-Fried updated his Twitter account and stated: “This doesn’t necessarily have to mean the end for the companies or their ability to primarily provide value and funds to their customers, and can be consistent with other routes.
Finally, I have faith that Mr. Ray and others will contribute to making the best possible arrangements.
Once more, I apologize for bringing us to this location. Let’s hope a solution for recovery may be found. With any luck, this will increase their level of governance, transparency, and trust. I hope that in the end, customers will benefit more.
I’m going to start working on outlining the situation with user recovery as soon as possible.
I’m piecing everything together, but I was surprised to see events fall apart the way they did earlier this week.
He promised to write up a more thorough piece about the play-by-play “shortly, but I want to make sure that I do it properly when I do.”
The most popular cryptocurrency, Bitcoin, has lost 52% of its value since the start of the crypto crash, it has been revealed.
According to experts, the then-rising US dollar and inflation contributed to the crash in part because they drove many traders to engage in massive sell-offs that forced many exchanges to halt withdrawals.
As the crash worsens and the market value of Bitcoin falls even faster, many traders in Nigeria are tallying their losses.