30-year-old crypto billionaire, Sam Bankman-Fried, who is one of the world’s youngest billionaires, lost all of his wealth in just eight months, going from having a net worth of $26 billion (N11.4 trillion) to nothing.
The world was shocked by Bankman-Fried’s massive losses and have been regarded as the worst destruction of wealth by one individual in history.
In March 2022, the Bloomberg Billionaire Index placed Bankman-Fried five positions ahead of Aliko Dangote, while Forbes referred to him as “a crypto genius” in its list of crypto billionaires.
Following the bankruptcy of his cryptocurrency network, FTX, Bankman-Fried is no longer a billionaire or millionaire.
After his company’s bankruptcy was announced, Bankman-Fried resigned as CEO; as a result, his name was deleted from the Forbes and Bloomberg rich lists and he currently has no net worth.
Bankman-wealth Fried’s reached more than $26 billion a few months ago, while the value of his company, FTX, reached $32 billion at the end of the previous year.
A few months ago, Bankman-net Fried’s worth surpassed $26 billion, while the value of his company, FTX, peaked at $32 billion at the end of the previous year.
However, during the past two weeks, cryptocurrency prices have fallen sharply by more than 20%, wiping billions from investors accounts.
Bankman-Fried posted an update on his Twitter account, which reads:
“Ultimately I’m optimistic that Mr. Ray and others can help provide whatever is best.
“I’m really sorry, again, that we ended up here. Hopefully, things can find a way to recover. Hopefully, this can bring some amount of transparency, trust, and governance to them. Ultimately hopefully, it can be better for customers.
“I’m piecing together all of the details, but I was shocked to see things unravel the way they did earlier this week.
See a photo of his post below: