Sam Bankman-Fried: Journey from Rich to Rags
Sam Bankman-Fried also known by his initials SBF,
is an American entrepreneur, investor, and former billionaire.
Bankman-Fried started his career on Wall Street in 2013 when he was 21.
In November 2017, he co-founded Alameda Research, a quantitative trading firm, with Tara Mac Aulay from the Centre of Effective Altruism
He launched FTX in 2019 and grew it into one of the leading exchanges for buying and selling crypto derivatives.
Bankman-Fried was quickly branded as a brilliant disruptor in crypto. That year, at the age of 29, he was worth $22.5 billion.
Though 2022 was an incredibly turbulent year for crypto, Bankman-Fried not only seemed to remain unscathed, he seemed poised to keep the industry from falling apart.
Most of his wealth, which peaked at an estimated $26.5 billion, was tied up in the ownership of about half of FTX and a share of its FTT tokens.
FTX experienced a crisis in late 2022, which led to a collapse in FTX's native cryptocurrency, FTT.
However, on November 8, 2022, amid FTX's solvency crisis, his net worth was estimated to have dropped 94 percent in a day to $991.5 million, according to the Bloomberg Billionaires Index.
By November 11, 2022, the Bloomberg Billionaires Index considered Bankman-Fried to have no material wealth.