7 Unknown facts about FTX and its co-founder and former CEO, Sam Bankman-Fried.
Sam Bankman-Fried is the co founder of FTX Trading Ltd. He is also known as the 'King of Crypto'.
Sam Bankman-Fried entered the crypto currency market in 2017. Before that, Sam had also worked as a broker on Wall Street.
By January 2022, his net worth had risen to nearly $ 16 billion, but following the collapse of FTX, his fortune had plummeted to $ 991 million.
Until recently, FTX was the world's second largest affiliated crypto trading company, but following bankruptcy, the value of FTX's US business has dropped to zero.
The reason for FTX's bankruptcy was their own native token, FTT. The FTT token was used as a trader's transaction fee payment.
A large number of FTT tokens were exchanged between Alameda Research and FTX. Due to these irregularities, Binance sold all its share of FTT coins, due to which the value of FTT fell.
Prior to his bankruptcy, Bankman-Fried was dubbed the "King of Crypto" and was compared to Warren Buffett, with an estimated net worth of more than $16 billion as recently as November 7.
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