3 Signs Sam Bankman-Fried Has No Remorse | FTX Collapse

#sambankmanfried #ftxcrash #ftxhack

FTX CEO Sam Bankman-Fried has vanished from the Bloomberg Billionaires Index after his estimated personal wealth plummeted nearly 94% to $991.5 million in a single day. Before his company’s cash crunch, Bankman-Fried was worth an estimated $15.2 billion, but according to Bloomberg, $14.6 billion was wiped out overnight. This happened because of the FTX collapse. A recent report by coindesk revealed that FTX and its sister company Alameda Research might be insolvent. This was concerning for FTX customers but what really broke the camel’s back was Bianance CEO Changpeng Zhao’s tweet. He tweeted that he would be selling off all of Binance’s remaining ftt. Given that ftt was FTX’s largest holding, this was a huge issue for them because an exchange was about dump up to $2.1 billion worth of its cryptocurrency into the market. This immediately sparked widespread concern about FTX’s financial stability and people began making massive withdrawals which ultimately caused the FTX crash.
Recently, FTX filed for bankruptcy, and its CEO, Sam Bankman-Fried, announced his resignation. FTX was investigating if cryptocurrency assets had been stolen and had been taken down. On Saturday morning, FTX’s general counsel Ryne Miller tweeted that the business had “taken precautionary procedures” by disconnecting its cryptocurrency wallet from the internet and storing all of its digital assets in cold storage. After announcing its Chapter 11 bankruptcy filing on Friday, this comes as no surprise. Elliptic claims that $473 million worth of FTX crypto assets were taken, albeit this is unverified. Elliptic claims that the lost stablecoins and tokens are being promptly converted to ether on decentralised markets. ether is the second biggest cryptocurrency after Bitcoin. According to Elliptic, this is a common method employed by cybercriminals to safeguard their money.