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Bankman-Fried a crypto billionaire, loses it all in a single day.

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Sam Bankman-Fried won't ever forget the 8th of November, the day it happened.

As a result of a liquidity crunch, the 30-year-old tycoon had to sell his crypto business empire to a large competitor on November 8.

Sam Bankman-Fried won't ever forget the 8th of November, the day it happened.

Sam Bankman-Fried will never forget the 8th of November.

At until that point in time, the young billionaire, then just 30 years old, had been looked up to as the industry’s guiding light. Someone you can call on like a godfather when things go awry.

The abrupt decline of the cryptocurrencies Luna and UST or TerraUSD, two tokens created by the Terraform Labs network, triggered a credit crisis in the summer, and he owed this reputation to his heroic efforts to bail out and salvage crypto companies.

Three Arrows Capital, commonly known as 3AC, was impacted by the decline of these two currencies, leaving them unable to pay its crypto lenders like Voyager Digital and Celsius.

Both Voyager and Celsius declared Chapter 11 bankruptcy, while 3AC was put into liquidation.

To prevent a complete meltdown of the cryptocurrency industry, SBF (as he is known in the business) has gone on a buying spree via his company FTX Ventures and bailed out many failing cryptocurrency businesses.

He financed businesses including Voyager Digital and BlockFi and bought a 7.6 percent investment in Robinhood, a brokerage popular with millennials and Generation Z. He may choose to get BlockFi if he wants to.

A $15.6 Billion Fortune…

Most recently, Bankman-Fried reached an agreement with Anthony Scaramucci, who served as White House director of communications for a short time during the administration of former president Donald Trump. In a deal announced today, FTX Ventures has agreed to purchase a 30% stake in Skybridge Capital, an alternative investment firm formed by Scaramucci (aka “The Mooch”).

Despite the potential financial loss, Bankman-Fried told NPR, “I do feel like we have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion,” to prevent other epidemics.

As a result of his elevated status, he has started funding the campaigns of crypto-friendly politicians and serving as a regulatory and legislative “whisperer.” Bankman-Fried, whose firm FTX.com is based in the Bahamas, has been spending more time in the nation’s capital in recent months.

Athletes Tom Brady and Stephen Curry have signed on as brand ambassadors for the cryptocurrency exchange FTX.

According to the Bloomberg Billionaires Index, SBF had a net worth of $15.6 billion as of November 8 morning. Bankman-Fried is also the owner of the Alameda Research bitcoin exchange.

Reaching $1 Billion

On the morning of November 8th, this portion of the popular trading app was worth $761 million. There was around $6.2 billion in value to his 55 percent share in FTX. Its most costly asset was Alameda Research, which was valued at $7.4 billion.

However, on November 8th, Bankman-Fried tweeted that his empire will be purchased by his great competitor Changpeng Zhao and his business Binance, shattering his well constructed world.

SBF did not provide an explanation for the unexpected announcement, which sent shockwaves across the banking industry. However, Zhao revealed that FTX has hit a liquidity crisis in a second tweet. In a nutshell, SBF was about to run out of money. To preserve oneself is to become a victim.

It was this afternoon when FTX approached us for assistance. There is a severe lack of available funds. By covering the liquidity gap and protecting consumers, we negotiated a non-binding LOI to buy http://FTX.com,” Zhao said.

Therefore, at the close of business on November 8th, Bloomberg Billionaires Index no longer estimated SBF to be worth $1 billion. Bloomberg forecasts that FTX and Alameda shareholders would sell all of their shares after the rescue, reducing the value of the firms to $1.

As a result of the FTX-Binance explosion, SBF is left with a smaller holding in Robinhood after the exchange’s shares were liquidated. This holding is currently worth $618M, or 62.4% of Bankman-total Fried’s fortune.

The former trader at Jane Street Capital is suddenly a king without a kingdom and a throne.

Consequences of this dramatic and violent decline will reverberate for a long time in the crypto business, which aims to undermine established financial institutions.

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