The founder of FTX who lost $15 billion of his fortune in one day!

Just weeks ago, Sam Pinkman was considered Fried, the cryptographic version of Financial Sector Legend John Pierpont Morganwho founded the Wall Street giant and the largest American bank “JP Morgan” more than a century ago, as some placed their bets on them in terms of the size of the wealth, and his success in rescuing the crypto industry that witnessed a series of successive collapses.

Bankman supported most of the distressed crypto projects including BlockFi, Voyager Digital, and Celsius. He also invested in Robin Hood Markets, which has fueled speculation that he will take the reins of the trading app. As he said last year, once his crypto company, FTX, became big enough, it could swallow up CME Group or Goldman Sachs Group.

Bankman lost about $15 billion of his fortune in one day

He seemed ready to use his fortune – $26 billion at its peak – to shape the world, donating millions to Democrats and promising that one day he would donate all of his wealth to political causes and charitable causes.

Now, the future of all this is in doubt.

Within days, it became clear that Pinkmanfried and his company, FTX, were in the midst of a liquidity crunch and needed a bailout.

The richest crypto billionaire, founder of Binance, Zhang Bing Zhao, is once again pictured to take over, and although exact terms have not been revealed, it is likely that Bankman Fried’s $15.6 billion fortune will be wiped out by his billionaire rival.

That could come as a shock to investors including SoftBank’s Vision Fund, Singapore wealth fund Temasek and Ontario Teachers’ Pension Plan, which pumped $400 million into the stock exchange at a $32 billion valuation in January.

his shares

Bankmanfried’s 53% stake in FTX was worth about $6.2 billion prior to Tuesday’s acquisition, according to the Bloomberg Billionaires Index, based on the recent fundraising round and subsequent performance of crypto-traded firms.

However, FTX wasn’t Bankman’s most valuable asset, as his cryptocurrency exchange, Alameda Research, which contributed $7.4 billion to his personal fortune, was the largest.

The Bloomberg Wealth Index assumes that existing FTX investors, including Bankman Fried, will have their stakes wiped out through the Binance bailout, and that the stock market’s problems stem from Alameda. As a result, both FTX and Alameda will be valued at $1. That leaves Bankman’s net worth at about $1 billion, down from $15.6 billion on Tuesday. That represented a loss of 94 percent of his fortune, the biggest one-day crash ever among billionaires tracked by Bloomberg.

Binance’s acquisition does not include FTX.US, a separate exchange majority owned by Bank Fried, which was valued at $8 billion in a fundraising round in January.

Bloomberg Intelligence analyst Paul Gulberg said it was unclear exactly what the collapse of its international subsidiary would do, but it shows “how fragile this world is”. It is “very surprising, and somewhat frightening”.

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