- Sam Bankman-Fried has lost his billionaire status in the largest one-day decline for any billionaire on the Bloomberg Billionaires Index.
- The former crypto billionaire is now worth less than a million dollars after losing over $14 million in a single day
- This is said to be the largest one-day decline for any billionaire on the Bloomberg Billionaires Index
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.
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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.
Binance to acquire FTX
Crypto investors and enthusiasts were yesterday stunned at the announcement of the proposed acquisition of FTX by its chief rival, Binance.
Even though full details of the takeover have not been disclosed, Bloomberg, however, suggests Bankman-Fried and existing investors will be wiped out as his stake in both FTX and Alameda Research will collapse to around $1.
The takeover, according to the deal signed by FTX and Binance, excludes the former's American subsidiary, FTX.US.
Binance Announces Withdrawals and Deposits in Naira Now Accepted
According to the world's largest crypto exchange platform, crypto traders from Nigeria can now make deposits and withdrawals in the local currency from their Binance Wallets.
Binance said the decision to resume the naira feature is part of its mission to expand the rate adoption of crypto in Nigeria, Africa's biggest crypto market and most crucial market for Binance.
The addition of the gateway will reduce the hassles faced by investors from Nigeria as they trade on the platform.