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    FTX CEO Sam Bankman-Fried Lost 94% of His Total Wealth Overnight

    FTX CEO Sam Bankman-Fried has disappeared from the Bloomberg Billionaire Index after his personal fortune plummeted from $15.2 billion to just $991.5 million in a single day.

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

    However, FTX has continuously faced a lot of bad news in the past days, causing a significant liquidity crunch. Funds and users rushed to withdraw money because they were worried that something bad might happen. FTT also fell from $25 to a bottom of $2.5 this morning that strongly impacts Sam Bankman-Fried’s assets.

    Binance currently announced that it is in the process of acquiring FTX. This news has caused an uproar in the crypto industry, perhaps no one expected this to happen. Recently, FTX CEO Sam Bankman-Fried wrote an apology letter to traders and said that details of a non-binding agreement for Binance to buy FTX.com are still being hashed out.

    Sam once said that he would donate most of his fortune to voluntary organizations; however, according to Forbes, Bankman-Fried has so far donated only about 0.1% of his fortune to purposes such as voter registration, global poverty reduction and artificial intelligence safety.

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