Former Crypto Billionaire, Sam Bankman-Fried, loses $14 billion in One Single Day
The wealth drop of the 30-year-old crypto entrepreneur is said to be the largest one-day decline for any billionaire on the Bloomberg Billionaires Index.
Binance to acquire FTX
Even though full details of the takeover have not been disclosed, Bloomberg, however, suggests Bankman-Fried and existing investors will be wiped out as his stake in both FTX and Alameda Research will collapse to around $1.
The takeover, according to the deal signed by FTX and Binance, excludes the former’s American subsidiary, FTX.US.
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