24 hours: this is the time interval that will have sufficed to make the multi-billionaire Sam Bankman-Fried a “simple” multi-millionaire. The fortune of the CEO of FTX has been very heavily affected by the catastrophic fall of the FTT token this week. We come back to what happened.
https://cryptoast.fr/ftx-fortune-sam-bankman-fried/
Sam Bankman-Fried’s fortune vanishes in a day
The billionaire and founder of FTX had a substantial portion of his holdings in FTT, the native token of the exchange platform. In total, Sam Bankman-Fried saw his fortune decrease by 93% in 24 hours. This is an almost unprecedented decline for a fortune of this size. The ex-billionaire had tried to take out the oars this week to reassure users who were rushing into withdrawals, faced with an FTT course that was operating its dive, but that was of course not enough.
Sam Bankman-Fried has been silent on Twitter since his last announcement, where he explained that he had reached an agreement with Binance for the acquisition of FTX. He occasionally thanked Changpeng Zhaofollowing a week of conflict:
4) A *huge* thank you to CZ, Binance, and all of our supporters. This is a user-centric development that benefits the entire industry. CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem, and creating a freer economic world.
— SBF (@SBF_FTX) November 8, 2022
“A huge thank you to CZ, Binance, and all our supporters. This is user-driven development that will benefit the entire industry. CZ has done, and will continue to do great work to create a global crypto ecosystem, and a freer economic world.»
Freer, or more focused? Nothing seems to be able to stop Binance, which has just made short work of one of its biggest competitors. CZ has just pulled off a masterstroke, but there are concerns about what that means for the ecosystem as a whole.
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The FTT tries to hang on to the 5 dollars
In less than 24 hours, the FTT price lost -88%. A catastrophic fall, which seems to have been stopped only by the announcement of a probable takeover of FTX by Binance. Since then, the token clings somehow to the threshold of 5 dollars. Just yesterday, the CEO of Alameda Research offered Changpeng Zhao to buy Binance FTTs for $22.
The catastrophic fall in the FTT price yesterday
The capitalization of the FTX token this morning only amounts to 695 million dollars. Furthermore, the fall of the FTX empire had wider consequences. The price of Bitcoin (BTC) fell back below 18,000 dollars last night and posted a meager 18,390 dollars this morning. While commentators compare this event to the fall of Terra (LUNA), one wonders how far the repercussions of this affair will go.
👉 Also find out – Before signing a takeover agreement with its competitor Binance, FTX appealed to Wall Street
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Chart: TradingView, FTT/USDT – Illustration: CoinTelegraph via Wikimedia Commons (CC BY 3.0)
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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