FTX Founder and former CEO Sam Bankman-Fried said he lost almost all of his fortune.
SBF also stated that if Binance CEO Changpeng Zhao (CZ) had not voiced his concerns and there were regulations, FTX would have a 50-50 percent chance of getting rid of it.
SBF Says How Much Money He Has In The Bank
Sam Bankman-Fried, founder of infamous crypto exchange FTX, continues to make statements in the wake of the crisis.
SBF, once hailed as one of the crypto kings, has announced that he has lost almost all of his fortune. Speaking to Axios, SBF claimed that the last time he checked was $100,000 in his bank account.
That number represents a drop of over 99 percent from his net worth, which was said to be over $16 billion at one time before the collapse of FTX. Moreover, the fortune of the former CEO of FTX had reached around $26.5 billion at one point. However, a large part of this wealth was lost due to FTX.
SBF Requested More Regulations
Sam Bankman-Fried also touched upon what could have prevented the collapse of one of the world’s largest crypto exchanges. According to the former billionaire, regulation and proper oversight could have prevented the collapse of FTX.
Speaking about the events that led to the collapse of FTX, SBF stated that it was a combination of multiple events and said:
“The slump that took 50 percent of asset values in the spring combined with a hyper-correlated crash scenario where we saw a 50 percent drop in the respective asset prices over a two-day period at the same time this month, and there was a full rush to the bank in FTX. Also, if Binance CEO Changpeng Zhao hadn’t voiced his concerns, things would certainly have been much more stable, much more liquidity generation capability, and still a lot of margin in the system. I don’t know for sure, but the company had a 50-50 chance of being saved.”
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