SBF Losses $14B Dropping the Status of Billionaire
After the latest controversy related to the crypto exchange FTX as well as its local token, Bloomberg’s billionaire index discloses shocking results. SBF (CEO of FTX) lost fourteen billion dollars overnight.. At present, the net worth of Bankman-Fried has dropped to nearly $991M from the previous $16 billion yesterday.
Related: The Downfall of FTX
SBF No More a Billionaire with a Loss of $14B by FTX
The respective loss of the exchange took into account approximately 176M FTX Tokens which were held via his stake of up to $3.9B in his trading company Alameda Research on Monday. The firm has now lost almost eighty percent proportion of its value. In advance of the entire episode of FTX, Sam Bankman-Fried reportedly invested in the sector of politics, turning into the 2nd biggest billionaire donating to Democratic causes.
Bankman-Fried donated approximately $39.9M, taking into account $35M, to 3 diverse political action groups. Some people think that it could be better if the Bankman-Fried had invested the respective funds on FTX (the crypto exchange which is presently going through a liquidity crisis.
Related: FTX Founder SBF Threatens Binance CEO CZ To Dump BNB If They Dump FTT
Binance Inks a Deal to Obtain FTX
The decline in the net worth of the former billionaire now makes it seem that the CEO of FTX currently requires cash because he has determined to trade his firm to the rival exchange Binance. Changpeng Zhao (Binance CEO) shared a Twitter post noting that the crypto exchange has inked a non-binding LOI aiming to obtain FTX.com along with providing complete assistance to cope with the liquidity crunch thereof.
The exchange’s sale has some ambiguities in it as Zhao additionally revealed that the contract deals with an extremely dynamic situation. He added that there is a choice for Binance to escape the respective contract whenever it wants.
After that, people began speculation and a few considered that both companies could turn against each other. Nonetheless, Yi He (the head of the customer service and co-founder of Binance) cleared the atmosphere by asserting that the company is not waging a war by selling the FTT holdings. As per her, this was based on a solely investment-related exit plan.
