Sam Bankman-Fried is down to $100,000 post-FTX
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Sam Bankman-Fried : I have $100,000 in my bank account last I checked
Most of the founders and investors of FTX’s net worth suffered a huge setback in early November. The crypto exchange declared bankruptcy, and its founder Sam Bankman-Fried suggests he is among the casualties who saw their net worth plummet.
According to Bankman-Fried, he “had no notion” how his money fared following the crash. Is it acceptable for me to use a negative number, he asked the outlet. “Like, I don’t even know. I’m uncertain. As of my most recent check, I had $100,000 in my bank account.”
His financial status was “complex,” according to Bankman-Fried because “everything” he had was linked to the now-defunct business.
After the company could not arrange a rescue amidst a severe week-long financial crunch, Bankman-Fried resigned as CEO, and FTX filed for Chapter 11 bankruptcy on November 11. FTX reportedly transferred billions of dollars in client cash to Bankman-Alameda Fried’s Research, according to a Reuters report on the same day.
The Department of Justice and the US Securities and Exchange Commission are looking into the demise of FTX. Additionally, according to reports, Bankman-Fried was questioned by the Bahamian police on November 12.
After FTX’s stunning collapse, Bankman-Fried apologized, blaming it on a combination of higher-than-anticipated debt on the company’s books and large consumer withdrawals.
Regulation and adequate supervision, as per SBF, may have stopped FTX from collapsing so quickly. Finally, though, he admitted his part in the mishap.
“Wishing I had exercised greater caution Needless to say, I am really sorry. Instead of concentrating on balances’ positions, I’ve been concentrating on volume.” He said to the source. “I should have been more accountable and more aware of what was happening.”
In light of the demise of FTX, Bankman-Fried’s finances, way of life, and sponsorships have come under close examination. He was renowned for leading a simple life, which included driving around in a Toyota Corolla and engaging in effective altruism. However, he led FTX into colossal investments and high-profile business sponsorships, such as the naming rights for the Miami Heat’s arena.
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