- Sam Bankman-Fried’s net worth has plummeted from $16 billion to less than a billion in just a day.
- Binance intends to acquire FTX given the latter’s financial woes.
- Alameda Research is not part of the deal, which could be problematic for SBF and his team.
FTX’s current CEO Sam Bankman-Fried (SBF) is no longer a billionaire. That was confirmed by the Bloomberg billionaires index, saying that his net worth has shed almost $15 billion overnight and is now only at $991 million.
Read CRYPTONEWSLAND on
google news
Interestingly, $600 million of his net worth is in Robinhood stock, according to a source.
In fact, his net worth could continue to plummet, given the dismal situation at embattled crypto exchange FTX and Alameda Research, which many claim to be insolvent. In the court of public opinion, however, the rumors are true, especially that Binance is going to acquire FTX.
Both SBF and Binance CEO Changpeng Zhao broke the news on Twitter.
The news is the talk of the town, with many people dumbfounded by how fast the events have unfolded. This suggests that FTX’s financial struggles are too massive to salvage. In CZ’s words, “there is a significant liquidity crunch.” This means that there are too many people withdrawing their money from FTX to the point that the exchange cannot pay them anymore.
Things started to crumble for FTX after reports circulated regarding its questionable balance sheet. CryptoNewsLand also published a couple of articles regarding the recent events at FTX.
The end is not in sight for SBF, however, since FTX is the only platform that Binance is willing to bail out. There is still Alameda Research, which has many investors who want to withdraw. Given that FTX’s native token FTT has crashed from $22 to $5.32 in just one day, things may take an even worse turn.
Recommended News :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
