On Friday, after a crisis caused crypto exchange FTX to file for bankruptcy, founder Sam Bankman-Fried saw his net worth plummet to almost zero.
On Monday, the Wall Street Journal assessed Bankman’s net worth at $16 billion, placing him among the top 100 richest persons in the world. This estimate was based on data from the Bloomberg Billionaires Index, which monitors the wealth of some of the world’s wealthiest individuals.
Excited to share that Sam Bankman-Fried and I have a combined net worth of $25,100,000 pic.twitter.com/4P7EVpFkSg
— Alex Cohen (@anothercohen) November 30, 2022
Although FTX was worthless the day before the bankruptcy filing news, it was trading at $1 on Friday morning.
Bankman, a significant Democratic fundraiser, issued an apology on Thursday via a series of tweets. He also assured them that he would keep working to preserve the business. you read also Jason David Frank Net Worth
Cryptocurrencies Stabilize After Ftx Deal Turmoil
This week, we’re putting in extra hours and resources to attempt to increase our cash flow. I can’t guarantee success, but I’m committed to doing all in my power, even giving up everything I own, to make this happen.
The problems at FTX are not just monetary. The corporation also sponsored several prominent sporting events and organizations, like Formula One racing, Major League Baseball, and the Miami Arena for Sports and Entertainment. Mercedes has announced that it would stop using FTX in its race cars beginning this next weekend.
There are other difficulties that Bankman-Fried must face. A source stated Thursday that the Justice Department and the Securities and Exchange Commission were investigating FTX for possible criminal or securities violations. please check this Jake Flint Net Worth
There is suspicion that FTX exploited customer deposits to make wagers at Alameda Research, and that is at the heart of the investigation. Brokers in conventional markets are obligated to keep customer money separate from corporate cash.
Authorities have the power to impose fines for rule violations. MF Global, a financial services firm, collapsed for a similar practice involving the mixing of client funds and the company’s bets around ten years ago.
