FTX Founder, Sam Bankman-Fried, Who Lost His Fortune Says He Will Speak About What Happened

FTX Founder, Sam Bankman-Fried, Who Lost His Fortune Says He Will Speak About What Happened

  • Sam Bankman-Fried who lost almost all his fortune when his crypto exchange collapsed has opened up
  • In a slew of tweets, Bankman-Fried said he was about to reveal what happened at FTX
  • He said he is piecing the events together and would tell the world what went down

Sam Bankman-Fried, the founder of FTX crypto exchange, has been on a tweet storm.

On Tuesday, November 15, Bankman-Fried began sending out cryptic tweets after his exchange went up in flames and he lost his billionaire status in one day.

FTX, Sam Bankman-Fried, Binance
FTX Founder, Sam Bankman-Fried, Who Lost His Fortune Credit: Bloomberg / Contributor
Source: Getty Images

Coping better than expected

He said he will get to what happened but that all he can remember was that things began to disappear very fast.

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“I will get to what happened,” he said in one of the slew of tweets.

The tweets were coming in hours, after tweeting that he will get to what happened at FTX and share a thorough account.

He said:

"I'm piecing together all of the details, but I was shocked to see things unravel the way they did earlier this week," he tweeted. "I will, soon, write up a more complete post on the play-by-play, but I want to make sure that I get it right when I do."

The founder of the Bahamas-based FTX has lost all his fortunes over the last week and the two firms he co-founded, Alameda Research and cryptocurrency exchange, FTX both declared bankruptcy in one day.

He said in a report by the New York Times that since the collapse of the exchange, he has been coping better than he imagined.

He said he’s been getting a lot of sleep, contrary to expectations but said it could be worse.

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The former billionaire added that he has continued to play the video game Storybook Brawl but this time, on lowkey, saying that the game clears his mind.

When asked about the tweets, he said he does not know and that he is improvising and that he thinks it's time.

Binance bailed out on FTX

Coindesk had reported early this month that most of Alameda’s assets were tied up in FTX's in-house token, FTT.

Binance announced that it would sell its FTT holdings worth $530 million, causing other traders to scramble to withdraw their holdings from FTX, with about $6 billion in withdrawals happening in three days, Bankman-Fried said.

Binance also reneged on a deal to grant bail-out to FTX. Bankman-Fried resigned as FTX’s CEO and about 130 affiliated companies began bankruptcy proceedings.

Bankman-Fried was ambitious with his wealth which was once $26 billion, building it up with the plan to give a large part of it away, but the collapse of the exchange halted everything.

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His fortune fell by 96 per cent to one $1 billion, according to a Bloomberg report.

Bankman-Fries and crypto billionaires who have lost big money as crash continues

Legit.ng reported that the recent crash of FTX, the Bahamas-based crypto currency exchange platform has swollen the list of ex-crypto billionaires who have fallen from their zeniths.

The crash of FTX reverberated across the the crypto world, leaving many traders embarking on massive selloff and further deepening the crisis in the crypto industry.

Here are the list of former crypto billionaires who have lost it all.

Source: Legit.ng

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