| Sam Bankman-Fried |
|Born||6 March 1992|
|Alma mater||Massachusetts Institute of Technology|
US crypto billionaire who fairly suddenly turned out not have any wealth at all
Samuel Bankman-Fried (also known by his initials SBF) is an American entrepreneur, investor and reportedly a former billionaire. He is the founder and former CEO of FTX, a cryptocurrency exchange, FTX.US, its US affiliate, and Alameda Research, a quantitative cryptocurrency trading firm. FTX experienced a solvency crisis in late 2022, which led to a collapse in FTX's native cryptocurrency, FTT. Amid the crisis, SBF announced he would wind down operations at Alameda Research and resigned as CEO of FTX, which filed for Chapter 11 bankruptcy.
On Monday 12 December 2022, SBF was arrested in The Bahamas to appear the following day in a magistrates' court in the Caribbean country's capital, Nassau. He had been due to testify about the collapse of FTX before the US Congress on Tuesday 13 December 2022.
Sam Bankman-Fried's net worth peaked at $26 billion. In October 2022, he had an estimated net worth of $10.5 billion. However, on 8 November 2022, amid FTX's solvency crisis, his net worth was estimated to have dropped 94% in a day to $991.5 million, according to the Bloomberg Billionaires Index, the largest one-day drop in the index's history. By 11 November 2022, the Bloomberg Billionaires Index considered SBF to have no material wealth.
Sam Bankman-Fried no longer qualifies for a listing on the Bloomberg Billionaires Index, while Elon Musk’s reported net worth has dropped by more than $86 billion in recent days.
Before SBF's wealth eroded in November 2022, Bankman-Fried was a major donor to the Democratic Party and many left-wing political causes. After George Soros, SBF was the second-largest individual donor to Joe Biden in the 2020 election cycle, personally donating $5.2 million, and donated $40 million to the Democratic Party during the 2022 US midterms elections.
Event Participated in
|WEF/Annual Meeting/2022||22 May 2022||26 May 2022||Switzerland|
World Economic Forum
|1912 guests in Davos|
- ↑ "Built by traders for traders–Trade a variety of digital assets like Bitcoin, Ethereum, Solana, and Dogecoin with low trading fees"
- ↑ "Sam Bankman-Fried went from relative obscurity to crypto billionaire in just 4 years. Insiders explain how he did it, and what's next."
- ↑ "Sam Bankman-Fried: FTX founder arrested in Bahamas"
- ↑ "Sam Bankman-Fried secretly transferred FTX customer funds to Alameda Research after his trading firm suffered losses in the spring, report says"
- ↑ "Billionaires lose billions: What’s happening with Elon Musk and Sam Bankman-Fried?"
- ↑ "FTX's crypto empire was reportedly run by a bunch of roommates in the Bahamas who dated each other, according to the news site that helped trigger the company's sudden collapse"
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