FTX Sam Bankman-Fried Net Worth Falls By 93%, Loses Billionaire Status.
Once famous for being one of the wealthiest crypto entrepreneurs, Sam Bankman-Fried has since lost a lot of his net worth in less than a day.
SBF’s Net Worth
Since all the drama surrounding crypto exchange FTX and Alameda Research’s possible insolvency and Binance announcing their decision to dump all their $FTT token holdings, FTX CEO Sam Bankman-Fried has taken quite the hit with Bloomberg reporting a massive decrease in his net worth.
According to Bloomberg’s billionaires index, Sam Bankman-Fried, who had once been named one of the youngest crypto billionaires in the world, had seen his net worth drop by up to 94%, going from $16 billion just yesterday to $991 million today. This has effectively caused Bankman-Fried to lose his title as a billionaire.
The Bloomberg billionaires index has been updated estimating SBF's net worth at $991m, down from $16b yesterday pic.twitter.com/33faJNiw7y
— db (@tier10k) November 8, 2022
FTX’s Current Condition
Crypto exchange FTX received quite a big blow earlier this week after it’s competitor Binance, or more specifically Binance’s CEO CZ announced his decision to dump all of their remaining $FTT holdings due to circulating rumors around FTX’s possible insolvency.
Despite Bankman-Fried having heavily denied these rumors, the dumping of these $FTT tokens had a massive bearish effect, causing multiple investors to not only dump their own $FTT holdings, but effectively pull their funds from the FTX exchange altogether.
This has since caused FTX to reveal a liquidity crunch, forcing them to halt all withdrawals on the platform. Since then, CZ has announced his decision to help FTX out of this situation by acquiring FTX.com.
All this volatility and bearishness surrounding FTX, $FTT tokens and Alameda Research have been the main cause for Bankman-Fried’s massive plunge in net worth.