- Sam Bankman-Fried catapulted into a crypto billionaire in a matter of four years.
- He's the co-founder of FTX, a cryptocurrency exchange, and Alameda Research, a trading firm.
- His net worth has reportedly dropped down to $1 billion from almost $16 billion.
The world can turn upside down within a week.
Last Tuesday, Sam Bankman-Fried was a 30 year-old with a mop of brown hair and enough clout to go by his initials, SBF. He had a cryptocurrency exchange called FTX, a trading firm called Alameda Research, and $15.6 billion to his name, according to estimates from Bloomberg.
He had catapulted into one of the biggest names in crypto in a matter of four years and was setting his sights on mainstream finance.
Now, he's left with just $1 billion and his initials.
The collapse of Bankman-Fried's fortune has loomed for months. Reports have been circulating this year that FTX was on a "shaky financial foundations" amidst larger instabilities the global crypto market, according to The New York Times.
Here's how SBF went from crypto's poster child to its greatest cautionary tale:
from Business Insider https://ift.tt/WjQISTz
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