FTX Founder SBF is Down to His Last $100,000: Report
- According to the founder of FTX, Sam Bankman-Fried, who was once worth more than $26 billion, his bank account had $100K the last time he checked it.
- The collapse of SBF’s exchange wiped off multi-billion dollars from his wealth as well as the crypto industry due to the collapse of the FTX Token (FTT), which was ranked in the top 20 cryptocurrencies by market cap.
- SBF believes that if the regulators had placed more oversight and implement strict policies in the crypto industry, the implosion of his exchange could’ve been prevented.
- The former FTX CEO added that he wishes he focused more on positions for balances rather than on volumes and was more careful with customers’ funds.
The founder and former CEO of the disgraced crypto exchange platform, FTX, Sam Bankman-Fried, also known as SBF in the crypto space, has lost all his net worth. The crypto personality was once worth more than $26 billion and is now down to his last $100,000, as per a report. This comes just a few weeks after his exchange filed for protection from creditors under Chapter 11 bankruptcy.
SBF, who claims that the minute his exchange filed for bankruptcy, a potential investor came with billions in funding, saw a huge surge in his net worth since the inception of FTX in 2019 and since then, the platform went on to achieve a valuation of $32 billion in a funding round led by Softbank and Sequoia Capital, two of the biggest venture capital firms in the crypto and technology space.
According to Axios, Bankman-Fried’s net worth has collapsed significantly following the collapse of FTX and now, he is down to his last $100K. In a statement given to Axios on Monday via a telephonic interview, SBF stated that the last time he checked, he had $100K left in his bank account as his multi-billion dollar empire came crashing down at once.
“Am I allowed to say a negative number?” Bankman-Fried said, when asked about his personal finances. “I mean, I have no idea. I don’t know. I had $100,000 in my bank account last I checked,” he added.
Meanwhile, he tied his personal wealth collapse with FTX’s implosion stating that he had all his money tied and invested in the exchange.
“It’s complicated. Basically everything I had was just tied up in the company,” stated the former CEO and founder of FTX.
On the other hand, Bankman-Fried believes that the implosion of his exchange could’ve been prevented if regulators were more active and had imposed regulation and proper oversight to prevent such collapses in the crypto space.
“I think one thing is… if you looked at the reporting, and CFTC applications, that would have been extremely helpful here on international rigor,” said the founder of FTX.
SBF said that if he would’ve been more careful and focused on positions for balances rather than on volumes, FTX would be still operational and the people who lost their money wouldn’t be in the position they are in.
Along with his net worth, billions of dollars were wiped off from the crypto space due to the collapse of the $32 billion dollar crypto exchange and its native token, FTT, which was ranked among the top 20 biggest cryptocurrencies in the industry.