Billionaire CEO loses entire fortune overnight as crypto market bleeds
Published on Nov 10, 2022 at 2:16 PM (UTC+4)
by Alessandro Renesis
Last updated on Nov 10, 2022 at 2:16 PM (UTC+4)
Edited by
Kate Bain
The CEO of Binance and the CEO of FTX are hitting out at each other very publicly on Twitter.
When the ‘beef’ started, they were both billionaires.
But now, one of them has lost 94 percent (and counting) of his net worth overnight.
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As soon as the news broke that FTX was in trouble, users began to withdraw their funds.
Or at least they tried.
They were actually unable to because FTX appeared to not have the liquidity needed to refund all of its users.
Samuel Bankman-Fried, the eccentric CEO of FTX, turned to his rival Changpeng Zhao, CEO of Binance, for help.
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Binance briefly considered bailing FTX out but “after due diligence”, the company decided to walk away.
Samuel Bankman-Fried is now facing backlash for how he handled the situation, with users accusing him of biting off more than he could chew.
FTX has made multi-million dollar partnerships with the likes of Tom Brady, Stephen Curry and it even acquired the ‘FTX Arena‘ in Miami.
Bankman-Fried has since removed a series of Tweets that caused controversy.
Including one that read “FTX is fine. All assets are fine”; and another one that read “FTX has enough to cover all client holdings”.
At which point even Edward Snowden decided to get involved.
He tweeted, “and they call *me* a criminal”.
Users went on to draw comparison with the Terra Luna fiasco, the cryptocurrency that went from $45b to zero in a matter of hours.
The founder of Terra Luna, by the way, is now wanted by Interpol.
Obviously, people on Twitter went berserk, resorting to irony.
Investor and podcaster Shaan Puri saif “Sam [Bankman-Fried] is saying ‘everything is fine’ but it feels like a girlfriend saying ‘I’m fine'”.
Another user simply tweeted “mission accomplished”, citing an old interview in which Bankman-Fried said he wanted to give his fortune away.
For reference, Bankman-Fried was worth about $15 billion yesterday.
He’s worth $900 million now – but his net worth is still decreasing because it was mostly tied to FTX and the crypto market keeps crashing.
Many users referenced famous TV shows like ‘The Office’ and movies like ‘Avengers’ to highlight the absurdity of the situation.
One thing’s for sure: there’s no time to get bored in the crypto space, is there?
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