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Sam Bankman-Fried, the former CEO and founder of collapsed crypto exchange FTX, has dropped from being worth nearly $17 billion in early November to $100,000.
In a recent interview with Axios, Bankman-Fried claimed that she currently has about $100,000 in her bank accounts, which is 99% less than her net worth of about $17 billion based on calculations by Bloomberg.
“Am I allowed to say negative numbers?” he said when asked about his personal finances. “I mean, I have no idea. I have no idea. I had $100,000 in my bank account the last time I checked,” he said. “It’s complicated. Basically everything I had was tied up in the company.”
According to Forbes of SBF profile, most of his wealth was tied up in ownership of roughly half of FTX and a portion of its FTT tokens. His wealth has been estimated at $26.5 billion.
FTX, after the fall of Bloomberg called The loss of SBF’s fortune was “one of the greatest ever destructions of wealth in history.”
Bankman-Fried owned about 70% of FTX’s US business, which is now essentially defunct. His stake in online brokerage Robinhood, previously valued at more than $500 million, was removed from Bloomberg’s calculations following news reports that the stake was held through Alameda and could be used as collateral for the loan. Could have
SBF says regulation could have helped stop FTX decline
Meanwhile, the SBF claimed that proper regulation could help prevent the collapse of FTX, saying it wished that “someone who was not me was in charge of managing conflicts of interest.”
“I think one thing is … if you look at the reporting and the CFTC applications, it would have been extremely helpful on international rigor,” Bankman-Fried said.
In fact, the SBF has come under a lot of criticism for its handling of FTX and user funds. James Bromley, the partner at Sullivan & Cromwell representing FTX, said during Delaware bankruptcy court last week that the exchange was run as the personal fiefdom of Sam Bankman-Fried.
As reported, FTX lent $10 billion Value of client assets for making risky bets by its affiliated trading firm, Alameda Research. Since FTX held $16 billion in customer assets, the exchange lent out more than half of its customers’ funds.
The SBF said, “I wish I had been more careful… I obviously deeply regret it. I am focusing on the quantity rather than the position to balance.” “I should have been more responsible, and I should have been more aware of what was going on.”
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