Bankman Fried worth over $26 Billion goes Broke over night after cryptocurrency crashes

Samuel Bankman Fried was born on March 6, 1992 also known by his initials SBF,is an American entrepreneur born by both parents Joseph Bankman(father) and Barbara Fried (mother).

He was compared to have been so rich compared to the Nigerian and African richest man Aliko Dangote

Samuel Bankman is the founder and former CEO of FTX, a cryptocurrency exchange,U.S affiliate and Alameda Research, a quantitative crypto trading firm.

As a (30-year-old boy) and  one of the world’s youngest billionaires, has of recent gone from a net worth of $26 billion (N11.4 trillion) to nothing in just eight months interval.

He lost his mili-billionaire status after his cryptocurrency platform FTX filed for bankruptcy in the United States of America of recent.

Bankman Fried makes Public Speech

His company’s bankruptcy announcement comes after he left his post as CEO, and has been succeeded by John J. Ray III, though the outgoing chief will stay on to assist with the transition, but of current he is worth zero.

About few months past, Samuel Bankman’s fortune grew to more than $26 billion, and his company, FTX’s worth up to $32 billion at the end of 2021 through his cryptocurrency trading and FXT Exchanges.

In March 2022 Samuel Bankman ranked five places above Aliko Dangote, while Forbes, in its list of crypto billionaires, described the Bloomberg billionaire index as a crypto genius. 

Nevertheless, the last few weeks the value of cryptocurrency plunge has heavily decreased by more than 20% whipping off billions from investors’ accounts.

READ ALSO: US President sets framework to regulate cryptocurrency

Investigations by experts has revealed that following Samuel Bankman’s downfall, his name has been removed from both Forbes and Bloomberg rich lists which is a big blow on his face.

Samuel addressing the development on his Twitter feed stated that, “This doe not necessarily show the end for the companies or their ability’s to provide value and funds to it’s chief customers, and can be consistent with other routes.

He went on to show a great hope by saying “I’m optimistic that Mr. Ray and other teams can help provide whatever is best”.

Bankman fried

Samuel  still giving his speech made know that he is really sorry, again, that we ended up here.

Certainly, things can find a way to recover and bring some amount of transparency, trust, and governance to them which will be better for customers.

We are going to work hard on clarifying things in terms of user recovery immediately.

Also, I am piecing together all of the details, but was shocked to see things unravel the way they did earlier this week.

Is Bankman Fried Married

Currently single and not married, though he has several girlfriends whom he enjoys his youthful lives with.

He also promised his followers to write up a more complete post on the play-by-play, but I want to make sure that I get it right when I do,

It is worthwhile that the premier cryptocurrency, Bitcoin, has lost 52 percent of its value since the crypto crash began but will hopefully rise again 

According to reports from Experts the crashing of cryptocurrency was partly due to the then rebounding US dollar and inflation, which caused a lot of traders to embark on massive sell-offs, prompting many exchanges to halt withdrawals.

Many traders in Nigeria are counting their losses as the crash continues unabated and the market value of Bitcoin crashing even faster but never to give up because it will still nomarlce and bring forth much more money to investors

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