FTX CEO Removed from Bloomberg Billionaires List

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Within a day, the fortune of the founder of the FTX exchange, Sam Bankman-Fried, collapsed from $15.6 billion to $992 million. Accordingly, Bloomberg deprived him of membership in its list of billionaires.

This is due to the liquidity crisiscryptocurrency exchange FTX. Sam Bankman-Fried owns 53% of the exchange's shares, which were previously valued at $6.2 billion. The former billionaire also owns Alameda Research, worth $7.4 billion. However, as Bloomberg analysts suggest, after the purchase of FTX by the Binance exchange, the companies will be destroyed from -for Alameda problems.

“This is the largest drop in capital among billionaires in the entire history of the index,” the publication writes.

Note that this entire crisis should not affect the American division of the exchange - FTX.US. This is a completely independent legal entity, whose capitalization at the beginning of the year reached $8 billion.

It is worth emphasizing that so far Binance and FTX are onlysigned an agreement of intent, which is non-binding. Accordingly, the situation may change at any time. Circle CEO Jeremy Allaire believes that this could lead to the same consequences for the cryptocurrency industry as the bankruptcy of the investment bank Lehman Brothers in 2008.