FTX CEO Sam Bankman-Fried Loses At Least 94% Of Net Worth In One Fell Swoop

FTX CEO Sam Bankman-Fried, also knowns as SBF, is no longer a billionaire. The beleaguered crypto mogul (or, is this when we start referring to him as a ‘former crypto mogul’?) has seen 94% of his personal net worth evaporate in a single, fateful day, which occurred earlier this week.

Binance CEO Changpeng Zhao, also known as CZ, announced that he would be acquiring FTX after growing concerns about the company’s apparent insolvency, which then led to a slowdown in withdrawals that led to the price of FTX’s native token FTT to fall from $22 on to below $3, wiping out over $2 billion.

The 30-year-old former billionaire was worth an estimated $15.2 billion. But, the Bloomberg wealth index assumes that “existing FTX investors, including Bankman-Fried, will be completely wiped out by Binance’s bailout.” And this wipeout cost SBF $14.6 billion overnight.

And then plot twist — on Wednesday, Binance announced that they will be walking away from the acquisition after seeing FTX’s financials and the probes into its handling of customer funds.