Image source: The Information
Sam Bankman-Fried has made his mark as a cryptocurrency entrepreneur throughout the industry’s growth.
The crypto entrepreneur is known for providing financial lifelines to struggling crypto businesses in the industry.
However, Sam Bankman-Fried seems to need financial help right now.
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Sam Bankman-Fried is commonly known in the cryptocurrency world as SBF.
Earlier this week, he was tagged as one of the richest people in the world.
According to the Bloomberg Billionaire Index, Bankman-Fried was a billionaire with an estimated net worth of over $15 billion.
However, his FTX cryptocurrency exchange fell, and he crashed.
Now, the club could overthrow Sam Bankman-Fried in a matter of days.
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Sam Bankman-Fried’s most valuable assets were his stakes in the crypto exchange FTX.
FTX is the cryptocurrency exchange he founded with Alameda.
Alameda is a cryptocurrency trading house.
The Bloomberg Index assumes the stock market would wipe out Bankman-Friend and others.
The index also suggested that FTX and Alameda would become useless unless Binance bailed them out.
However, Binance announced Thursday that it would withdraw from the deal.
As a result, Sam Bankman-Fried’s net worth is approximately $ 1 billion.
According to the Bloomberg Index, his net worth fell 94%, giving him the most significant one-day loss for a person.
Crypto’s white knight lost 94% of his wealth in a single day