Sam Bankman-Fried Loses $17 Billion Fortune, Now Down to Just $100,000 in the Bank

Sam Bankman-Fried, the former CEO and founder of collapsed cryptocurrency exchange FTX, is worth $100,000, down  from  $17 billion at the beginning of November. 
 In a recent interview with Axios, Bankman-Fried said he currently has about $100,000 in  bank accounts, which is 99% less than his net worth of about $17 billion, according to Bloomberg calculations. 

 "Can I  say a negative number?" he said when asked about his personal finances. "I mean, I have no idea. I don't know. I had $100,000 in my bank account last time I checked," he said. "It's complicated. Basically, everything I had was just tied to the company."  According to the Forbes profile of SBF, most of his wealth was tied to about half of his holdings in FTX and his investment in its FTT tokens .At its peak, his fortune was estimated at 26.5 0.5 billion dollars.

 After the collapse of FTX, Bloomberg called the loss of SBF's assets "one of the biggest losses in history". His investment in online brokerage Robinhood, previously valued at more than $500 million, was removed from Bloomberg's calculations because the investment was  through Alameda and could have been used as collateral for loans, according to news reports. 
 SBF argues that regulation could have prevented the FTX collapse. 

  SBF argued that proper regulation could have helped prevent FTX's collapse, saying it wished "someone other than me  was responsible for managing conflicts of interest." 

 "I think one thing is ... if you looked at the reporting and the CFTC applications, that would be very helpful here from an international disciplinary standpoint,"

 Bankman-Fried said. 
 In fact, SBF has come under extreme criticism for handling FTX and user assets. Sullivan and Cromwell partner James Bromley, who represents FTX, said  last week in Delaware bankruptcy court that the exchange was considered the personal property of Sam Bankman-Fried. 

 As reported, FTX borrowed up to $10 billion in client assets to finance risky bets by its  Alameda Research subsidiary. With FTX having $16 billion in client assets, the exchange borrowed more than half of its client assets. 

 "I wish I had been more careful... I'm obviously sorry. I focused on volume rather than balanced positions," said SBF. "I should have been more responsible and aware of the situation."

🌐  source

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