Sam Bankman-Fried, the crypto entrepreneur 30-year-old, widely known as SBF, was the big victim of the collapse of his crypto exchange, FTX, the third largest crypto exchange by trading volume. On Tuesday, FTX collapsed into a pit of insolvency. The company had a $8 billion hole in its balance sheet. For Sam Bankman-Fried, it was a 94% collapse , the biggest day loss by a person. From an estimated fortune of more than $15 billion earlier this week he is now net worth at about $1 billion. In a letter to his private investors, which included such savvy addresses as Singapore’s Temasek sovereign wealth fund, Bankman-Fried said he was “optimistic” customers could be protected.
After graduating with a degree in physics from the Massachusetts Institute of Technology (MIT), Bankman-Fried began his career as an arbitrage trader at Jane Street Capital. Later he founded his own crypto trading firm Alameda Research. He then started building his crypto empire with the FTX exchange, which went live in May 2019. For a comparation of the actual crypto crash event, to know that previously, in March 2021, another billionaire, trader Bill Hwang, lost his entire $20 billion fortune within two days. This year, Changpeng Zhao, the founder of Binance — the crypto exchange — lost $79.4 billion of his fortune this year as a result of a devastating $600 billion crypto crash. crash.