Sam Bankman-Fried was the face of the crypto world before it all came crashing down around him. Sam founded Alameda Research and FTX where the former was a crypto firm and the latter was a crypto exchange. Both of his companies created him a net worth of $26 billion dollars but now he literally has a negative net worth. Sam’s net worth hit that peak in the same year it also plummeted. How could that be? How could someone fall so far and so quickly?
Losing tens of billions of dollars and being extradited out of the Bahamas to appear in a United States court is not a rock bottom that I want to hit anytime soon. It all fell apart when the CEO of Binance tweeted that he was going to liquidate all of the crypto that Sam and his colleagues had made up called FTT. The problem with that is FTT was the only real asset that Alameda or FTX had and I’m using the term “real asset” loosely. Once that tweet was sent people started to bail on FTT and FTX in a hurry and unfortunately for Sam he didn’t have any money for people to trade in for. Oops.
Sam Bankman-Fried is currently out on a $250 million dollar bail. Most of his former colleagues have already pleaded guilty to their crimes so things are not looking good for Sam. Let us know what you think of the whole situation in the comments and thank you for watching!
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Written by: Nathan Council
Narrated by: Nathan Council
Edited by: Gonzo Lugo
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00:21 FTX’s Rise
02:49 FTX’s Fall