Sam Bankman-Fried, also known by his initials SBF, is an American entrepreneur and investor. He is the founder and former CEO of FTX, a cryptocurrency exchange; FTX.US, its U.S. affiliate; and Alameda Research, a quantitative cryptocurrency trading firm.
Sam Bankman-Fried woke up on 7th November 2022, Monday still a billionaire, even as his cryptocurrency empire was beginning to unravel. On what appeared to be surprise by 11th November, 2022 Friday, his fortune was completely wiped out.
Based on net worth calculations by Bloomberg, Bankman-Fried was worth about $16 billion at the start of the week. But as his crypto exchange, FTX, collapsed, the value of his assets was reduced to zero in what Bloomberg called “one of history’s greatest-ever destructions of wealth.”
Sam Bankman-Fried took to his twitter handle to accept it was all his mistake
1) I'm sorry. That's the biggest thing.— SBF (@SBF_FTX) November 10, 2022
I fucked up, and should have done better.
2) I also should have been communicating more very recently.— SBF (@SBF_FTX) November 10, 2022
Transparently–my hands were tied during the duration of the possible Binance deal; I wasn't particularly allowed to say much publicly. But of course it's on me that we ended up there in the first place.