Sam Bankman-Fried’s $16 Billion Fortune Is Eviscerated in Days
The FTX co-founder is on the brink of a 94% wealth wipeout at the hands of his billionaire rival, Binance’s Changpeng Zhao.
WATCH: Binance Shocks Crypto World in Move to Buy FTX
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Just weeks ago, Sam Bankman-Fried was considered crypto’s version of John Pierpont Morgan, willing to throw around his massive fortune to save the industry.
The curly-haired 30-year-old known as SBF was everywhere, backing flailing projects including BlockFi, Voyager Digital and Celsius. From the Bahamas, he invested in Robinhood Markets Inc., raising speculation that he’d take over the trading app. And why not? Just last year he said that once his FTX was big enough, it could swallow CME Group Inc. or Goldman Sachs Group Inc.