Image source: The Information
Sam Bankman-Fried is an individual who has made a name for himself as a cryptocurrency entrepreneur since the growth of the industry.
The crypto entrepreneur is known for providing financial lifelines to crypto companies in trouble in the industry.
However, Sam Bankman-Fried now needs some financial help.
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Sam Bankman-Fried is widely known in the crypto space as SBF.
Earlier this week, he was still labeled as one of the wealthiest people in the world.
According to the Bloomberg Billionaire Index, Bankman-Fried was a billionaire with an estimated fortune of over $15 billion.
However, his crypto exchange FTX declined and crashed.
His club could dethrone Sam Bankman-Fried in a few days.
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Sam Bankman-Fried’s most valuable assets were his interests in FTX.
FTX is the cryptocurrency exchange he founded with Alameda, a cryptocurrency trading house.
The Bloomberg Index assumes that the stock market would have wiped out Bankman-Friend and others.
The index also suggested that FTX and Alameda would become useless if Binance rescues them.
However, Binance announced Thursday that it would withdraw from the deal.
As a result, Sam Bankman-Fried’s net worth is approximately $1 billion.
According to the Bloomberg Index, his net worth shows a 94% slump, giving him the most significant one-day loss for a person.
Crypto’s white knight lost 94% of his wealth in a single day