The world has been talking about the depreciation of Bitcoin and Ethereum over the past week, and the bankruptcy of FTX, one of the world’s largest cryptocurrency exchanges, in the last few days. Sam Bankman, the CEO of the company, which went down in just a few days, resigned after the incident.
It is appropriate for him to do so, because his net assets have seen the bottom from the top in the past two days. The change between the amounts and the time it takes place reveal the gravity of the situation. Let’s take a look at how much Sam Bankman’s wealth is and how much it has fallen.
From $16 billion to zero in just two days: A story of collapse
In an article we shared 9 months ago, FTX CEO Sam Bankman, whose net worth we mentioned was $22 billion, had a net worth of around 16.5 billion until 2 days ago. Two days ago, his net worth hit $991.5 million, and the next day it hit zero.
According to the information shared by Bloomberg, the wealth, which experienced a huge crash like the one in the chart above, also removed Sandman from all the billionaire lists in which it was included. After the sudden bankruptcy and the bottom of his fortune, Sandman became one of the fastest impoverished people in the world.
It is not known exactly whether the losses of the customers of the stock exchange will be covered after the bankruptcy of Sam Bankman Fried and FTX, as well as the size of the total damage to all companies and customers. However, FTX, which has gained great trust over the years, has quite large customers and it is thought that many companies, especially from Silicon Valley, are affected by the situation.
Although Bankman shared a series of tweets in which he apologized and admitted his mistake, it was too late. What are you thinking? Please do not forget to share your thoughts with us in the comments.
You can take a look at our content, which we explained in detail about the process of FTX’s bankruptcy, here:
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