Earlier in the spring, effective altruism believer Sam Bankman-Fried (SBF) was worth $26 billion. As crypto prices dropped, so did SBF's fortune.
As the crypto world began to crumble over the summer, SBF was the industry's knight in shining armor. He used his riches to stabilize the industry and keep companies like BlockFi and Voyager from going under. Back in July, SBF told Reuters that his company FTX had a few billion in reserves that could be used to support the crypto industry, where he saw a meteoric rise.
SBF has previously spoken of how he wants to make a ton of money so that he can give it all away. A fortune of a few billion might have been enough to begin giving it away. However, the 30-year-old had other plans and began using public money to swell up his own coffers. or two. However, corporate diligence showed that FTX had transferred investor funds to its trading arm, Alameda Research.Unable to find a savior post this reveal, FTX finally filed for bankruptcy, and SBF's personal fortune began to shrink. FTX.US is a U.S.-based crypto exchange that SBF owns, which is now considered worthless.
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