Sam Bankman-Fried sees sees $14.6 billion wiped from his private fortune in a single day

Binance CEO Changpeng “CZ” Zhao introduced on Tuesday that he had inked a provisional settlement to accumulate FTX after considerations mounted concerning the Bahamas-based change’s obvious insolvency, resulting in a slowdown in withdrawals and freefall within the value of FTX’s native token.

Earlier than his firm’s money crunch, Bankman-Fried was value an estimated $15.2 billion, however in line with Bloomberg, $14.6 billion was worn out in a single day.

READ MORE: A Q&A in plain English about Binance’s takedown of FTX

Bankman-Fried’s speedy rise to monetary success, mixed with his relative youth and eccentric character – together with his supposed penchant for sleeping on a beanbag in his workplace – made SBF one of many darlings of the crypto trade.

A self-described “efficient altruist,” Bankman-Fried made huge guarantees earlier this yr to donate nearly all of his fortune, on the time valued at $21 billion, to charity.

He additionally promised to spend as much as $1 billion to help political candidates aligned along with his broader mission of making ready for future pandemics.

Although Bankman-Fried spent roughly $40 million forward of the midterm elections (with middling success), he later backed away from his promise, calling it “a dumb quote.”