The news is confirmed! Sam Bankman-Fried is no longer the first rival of Changpeng Zhao, founder and CEO of Binance. According to data collected by the Bloomberg Wealth Index, the net worth of the CEO of FTX has indeed dropped by 93% in the space of just one day. As we speak, Sam Bankman-Fried no longer holds billionaire status. An almost unprecedented decline in the world of crypto!
FTX CEO Becomes Multi-Millionaire In Just 24 Hours
This is a turnaround that will surprise more than one (or not)! As recently as Monday, November 7, Sam Bankman-Fried was loudly proclaiming that his crypto company FTX was doing well, as were his finances. But the reality is quite different!
An update to the Wealth Index Bloomberg published on November 8 reveals that the fortune of the CEO of FTX is currently valued at 991 million dollars. 24 hours earlier, he had a net worth of around $15 billion. Which brings us to a loss of 93%. An almost unprecedented phenomenon in the cryptosphere.
Sam Bankman-Fried loses the majority of his fortune: the explanations
In just one day, the CEO of FTX saw his wealth cut by millions of dollars. According to analyses, this disastrous situation can be explained by the vertiginous and unprecedented fall of the FTT token. Indeed, Sam Bankman-Fried holds large holdings of FTT. This week, unfortunately, the price of FTT fell exponentially (by -88%).
For now, the capitalization of the FTX token is estimated at only $695 million. A fall that will obviously have repercussions on the entire crypto market.
Since founding FTX, Sam Bankman-Fried has had a meteoric rise. The same goes for his crypto company. This sudden decline proves one thing to us, however: the cryptocurrency market remains extremely volatile. San Bankman-Fried would have spared itself such a scandal, especially since another rumor is circulating about FTX: a possible takeover of FTX by Binance. Information that would have been confirmed on Tuesday, November 8 by Changpeng Zhao.
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