Sam Bankman-Fried has resigned as CEO of FTX as his crypto company declares bankruptcy A few months ago, Bankman-Fried was one of the world’s youngest billionaires and ranked among the top 100 richest men in the world Bankman-Fried’s wealth, in fact, was ranked richer than Aliko Dangote, Africa’s richest man.
From billionaire to zero balance
Bankman-Fried is no longer a billionaire or a millionaire after his cryptocurrency platform, FTX filed for bankruptcy.
His company’s bankruptcy announcement comes after Bankman-Fried left his post as CEO, and he is currently worth zero and his name removed from both Forbes and Bloomberg rich list. A few months ago, Bankman-Fried’s fortune grew to more than $26 billion, and his company, FTX’s worth up to $32 billion at the end of last year.
However, the last few weeks have seen the value of cryptocurrency plunge heavily by more than 20% whipping off billions from investors’ accounts. Bankman-Fried reacts Bankman-Fried posted an update on his Twitter feed, which reads: “This doesn’t necessarily have to mean the end for the companies or their ability to provide value and funds to their customers chiefly, and can be consistent with other routes.