Investing.com – After the news that has rocked the cryptocurrency market in the past few hours, the story of the collapse of Terra Luna has come to mind with a similar fall in FTX.
According to recent reports, SBF CEO of FTX is no longer considered a billionaire, with his net worth increasingly declining. It has been observed that the net worth of SBF in just one day increased from 16 billion to 991 million dollars.
According to the news, FTX founder Sam Bankman-Fried’s net worth has fallen by 93% after the token’s violent fall in the crypto market.
Over the past two days, the FTX native FTT token market has seen the fall, with assets recording a daily drop of 79 percent.
Since SBF’s fortune was closely tied to FTX and Alameda research, the collapse of the FTT was detrimental, so it put pressure on the young billionaire’s wealth position.
Things started to go downhill after Binance’s chairman CZ blatantly indicated that the exchange would liquidate all of its holdings from FTT.
Immediately after this announcement, selling pressure on the token rose, and the exchange liquidated only a portion of the $500 million FTT reserve, though, with the FTT seeing a significant drop.
Amid this controversy and in a whole new turn of events, Binance has confirmed that it will acquire the flooded crypto exchange FTX.
After that, many noticed how Binance emerged as a savior to provide a chance for the survival of FTX, which was speculated to be on the verge of bankruptcy.
This came as quite a surprise, as CZ rejected Carolyn Ellison, chief research officer at Alameda, to buy Binance’s FTT holdings for $22 per token.
At press time, the FTT token was seen trying hard to stay above $5, with the asset trading at $5.02 with a daily drop of 74.30%.
It is worth noting that over the past 24 hours, the coin fell from the high of $19.51 to $3.15.
“Hello everyone, I have some announcements to make,” Sam Bankman tweeted hours ago. “Things are done, we’ve reached an agreement on a strategic deal with Binance for FTX.”