Crypto tycoon Sam Bankman-Fried lost 94% of his fortune overnight, marking the biggest one-day wealth collapse among billionaires on record
that his crypto exchange FTX is being sold to rival firm Binance in order to relieve a severe liquidity crunch. Bankman-Fried's 53% stake in FTX was worth $6.2 billion, while another $7.4 billion of his fortune came from his crypto trading house, Alameda Research, Bloomberg reported.
Sudden losses of this magnitude are common among the world's richest people, but never has a billionaire parted ways with such a gigantic proportion of their fortune within one day. Meta founder Mark ZuckerbergIn November 2021, Tesla CEO Elon Musk
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto.com: The best place to buy Bitcoin, Ethereum, and 250+ altcoinsJoin the 50M+ users who are investing with Crypto.com. Access an ecosystem of crypto-related products, including the Crypto.com App, Crypto.com Visa Card, Crypto.com Exchange, Crypto.com Pay, and Crypto.com NFT.
Read more »
Instagram decreases video compute time by 94% without updating hardwareEngineers at Instagram, in an effort to delay running out of room for new videos, developed a method for reducing file size and improving quality
Read more »
Crowdfunding platform lays off 94 employees - Silicon Valley Business JournalThe company says it will refocus investments on its core business as giving falls.
Read more »
Crowdfunding platform lays off 94 employees - Silicon Valley Business JournalThe company says it will refocus investments on its core business as giving falls.
Read more »
SBF tumbles off Bloomberg's billionaire index after trouble at FTXSam Bankman-Fried’s $15.6 billion fortune has tumbled 94% overnight in the “biggest one-day collapse ever among billionaires,' according to Bloomberg.
Read more »
Crypto markets plummet after Binance, FTX deal frightens investorsCrypto markets experienced a brief respite from the last 72 hours of selling, before dumping again as the global crypto market cap crashed below $1 trillion.
Read more »