Bankman-Fried Apologizes to FTX Investors After Binance Deal - FTX CEO wrote a letter to traders to apologize for a lack of communication about its financial dealings with Binance.

    As posted by Cryptory, FTX CEO Sam Bankman-Fried lost $14.6 billion — nearly 94% of his total wealth. Sam is now disappearing from the Bloomberg Billionaire Index. His personal fortune plummeted from $15.2 billion to just $991.5 million.

    Sam Bankman-Fried was once one of the richest under-30s in history, thanks to the great performance of the FTX exchange and the investment fund Alameda Research. According to Forbes, the majority of Sam’s wealth comes from shares in FTX and a large amount of FTT governance tokens. At its peak, FTX was valued at $32 billion in January 2022, Sam Bankman-Fried now owns a fortune of $24 billion.

    However, the bad news in recent days has caused the exchange to gradually lose liquidity while the main collateral is FTT tokens. Funds and users massively withdraw from the exchange. FTT fell from $25 and bottomed at $2.50 this morning, strongly impacting Sam Bankman-Fried’s assets.

    Yesterday evening, a “shocking” event occurred when Binance confirmed that it is in the process of negotiating to “buy back” FTX. This news has caused an uproar in the entire crypto industry, perhaps this is the unexpected ending to the Binance – FTX drama of the past few days.

    Meanwhile, FTX CEO Sam Bankman-Fried wrote an apology letter to investors over a lack of communication about its financial dealings with Binance in a letter to investors cited by numerous sources on Twitter.

    Details of a non-binding agreement for Binance to buy are still being hashed out, the letter said.

    “I’m sorry I’ve been hard to contact the last few days,” Bankman-Fried wrote in the email, noting that protecting customers is chief among the exchange’s priorities, followed by the interests of shareholders.

    “I wish I had more details for you guys right now; I don’t yet,” Bankman-Fried wrote, noting that as details are still forthcoming he is likely to be “quite swamped for the next few days” and that “Ramnik and others will be around,” referring to Ramnik Arora, head of product at FTX.

    Sam once vowed to give away the majority of his personal wealth. However, according to Forbes, the FTX CEO has so far donated only about 0.1% of his fortune for voter registration, global poverty reduction, and artificial intelligence safety.

    The crypto community on Twitter, as always, never to shy away from adding comedy to tragedy, shared memes and anecdotes comparing SBF to Mark Zuckerberg and the fictional Russ Hannemann from the TV show Silicon Valley. Hannemann had a similar experience losing his “3 commas” status, becoming “just” a multimillionaire. In addition, many users commented that SBF’s fall from grace outweighs most retail investors’ 2022 losses.

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