YouTuber Nas Each day in one in all his video named him because the Most Beneficiant Billionaire who needed to donate all his wealth to charity. However ten months later, Sam Bankman-Fried is not a billionaire. He’s alleged to have induced large losses price $1 billion to traders.
Identified by his initials SBF, he’s the co-founder and former CEO of FTX, one of many largest cryptocurrency change which has just lately filed for chapter within the US. “Hello all: At this time, I filed FTX, FTX US, and Alameda for voluntary Chapter 11 proceedings within the US,” he wrote on Twitter inflicting havoc in crypto world.
As soon as a billionaire with an estimated wealth of $26 billion at peak, in response to Bloomberg estimates, Fried has seen his wealth been solely worn out. Tell us about him intimately.
Who’s Sam Bankman-Fried?
1) Fried studied physics at Massachusetts Institute of Know-how (MIT) and traded currencies, futures and exchange-traded funds earlier than shifting to crypto buying and selling, organising Alameda Analysis in 2017.
2) Bankman-Fried teamed up with Gary Wang, a former software program engineer at Google and a fellow MIT graduate, to launch FTX in 2019. The corporate supplied buying and selling on crypto tokens and derivatives. In begin of 2022, traders valued FTX and its U.S. operations at $40 billion.
3)He needed to popularise cryto globally and for that he invested quite a bit in promoting. He acquired related to Nationwide Soccer League quarterback Tom Brady and supermodel Gisele Bundchen. NBA star Steph Curry turned the ambassador of FTX.
In February this yr, pop star Katy Perry wrote on Instagram, “im quitting music and turning into an intern for @ftx_official okay.”
4) FTX lobbied with lawmakers and watchdogs to amend guidelines to incorporate digital belongings, in return Bankman-Fried made big donations, Reuters reported. In response to OpenSecrets, which tracks information on marketing campaign finance and lobbying, Fried made nearly $40 million contributions within the newest U.S. federal electoral cycle, turning into the sixth-largest particular person donor.
5) Bankman-Fried transferred $10 billion in buyer funds to his hedge fund, Alameda Analysis with out publicly disclosing it, many say this turn out to be the rationale for collapse of his empire.
(Inputs from Reuters)