Former cryptocurrency billionaire, Sam Bankman-Fried has lost his billionaire status, according to the Bloomberg Billionaires Index. Bankman-Fried, whose estimated net worth as of November 8, 2022, was $15.6 billion, lost 94% of it in a single day to land at just around $991.5 million. At his peak, Bankman-Fried, the founder of one of the world’s biggest crypto exchanges, FTX.com, was worth around $26 billion.
The wealth drop of the 30-year-old crypto entrepreneur is said to be the largest one-day decline for any billionaire on the Bloomberg Billionaires Index. Trouble for FTX became prominent after Binance’s chief executive Changpeng “CZ” Zhao tweeted a few days ago that his crypto exchange would sell its holdings of FTX’s digital token, known as FTT. The turmoil has since sparked $6 billion in withdrawals by FTX investors in about three days.
The takeover, according to the deal signed by FTX and Binance, excludes the former’s American subsidiary, FTX.US.