Sam Bankman-Fried, the cryptocurrency entrepreneur known for providing financial salvation to struggling companies in the industry, now needs a bailout.
Bankman-Fried, widely known as SBF, started this week firmly in the billionaire realm, with an estimated fortune of more than $15 billion, according to the Bloomberg Billionaire Index.
After the collapse of his cryptocurrency exchange, FTX, in a matter of days he could find himself out of the club. His most valuable assets were his holdings in FTX, the cryptocurrency exchange he founded, and Alameda, a cryptocurrency trading company.
The Bloomberg index assumes that SBF and all other investors on the exchange will be wiped out, and that FTX and Alameda will suddenly become useless if bailed out by Binance. (The terms of that deal were not known, and multiple reports on Wednesday suggested that Binance was ready to back out of the deal.)
That would leave SBF’s net worth at around $1 billion – a 94% collapse and the biggest loss in a day by a person tracked by the index.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
