The founder of the largest cryptocurrency exchange in the world has seen his exchange implode financially in the past week, leading to chaos in leading cryptocurrency markets.
Sam Bankman-Fried, the founder of FTX, which was rated to be the third-best crypto exchange this year, had his $15 billion net worth go to $1 billion in “the biggest one-day collapse” Bloomberg has “ever seen among billionaires.”
Bankman-Fried’s FTX filed for bankruptcy Friday after it was reported at least $1 billion of customer funds are missing from the exchange. FTX’s bankruptcy came alongside Fried stepping down as CEO.
Sources familiar with the company’s operations told Reuters Bankman-Fried secretly transferred $10bn of customer funds to his hedge fund, Alameda Research.
