Get all your news in one place.
100's of premium titles.
One app.
Start reading
Zenger
Zenger
Business
Chris Katje

How To Lose $16 Billion In 3 Days: How Sam Bankman-Fried’s Wealth Disappeared

Sam Bankman-Fried FTX Sam Bankman Fried Changpeng Zhao Mark Zuckerberg Tom Williams Alameda Research Binance Nasdaq
Sam Bankman-Fried, founder and CEO of FTX, testifies during the House Financial Services Committee hearing titled Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States (Photo By Tom Williams/CQ-Roll Call, Inc/Getty Images)

Several days ago, FTX co-founder Sam Bankman Fried saw his wealth wiped out by over 90% to a value of $1 billion.

The significant drop came after a liquidity crisis wreaked havoc on FTX and the cryptocurrency market. At first, rival Binance agreed to acquire FTX.com but ultimately walked away from the deal. FTX, including the FTX.us segment, has since declared bankruptcy and depleted Bankman-Fried’s wealth even more.

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
There's A Reason Taxi Cabs Are Almost Always Yellow
Yellow taxis are easy to spot in traffic, but the color's history goes far beyond simple visibility.
Motor1
Motor1
How ‘technoference’ can disrupt parent-child connections
Have you ever been telling someone a story when their phone lights up, and their eyes flicker toward their device?
The Conversation
The Conversation
Holding Lightning by Emily Lordi review – an intimate portrait of Whitney Houston
An empathetic biography of the the singer recasts her tumultuous later career as a triumph of self-expression
The Guardian - UK
The Guardian - UK
Brian May says Queen are retiring from live tours: ‘Maybe 50 years is enough’
Rock guitarist suggested creating an interactive experience for fans similar to the ‘Abba Voyage’ show
The Independent UK
The Independent UK
"Lanterns" finds its power in fear
To fulfill his destiny, John Stewart embraces what he was trained to reject — and so should we
Salon
Salon
Robert De Niro's canine secret leaves Wag the Dog co-star Woody Harrelson shocked
Woody Harrelson revealed his surprise at discovering that his Wag the Dog co-star Robert De Niro owns 18 dogs, two of which starred alongside him in his movie The Alto Knights.
BANG Premier
BANG Premier
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play