In less than a week, Sam Bankman-Fried’s $16 billion fortune evaporated

On Monday morning, FTX CEO Sam Bankman-Fried woke up still a billionaire, even as his cryptocurrency empire was crumbling down around him. By Friday, his entire fortune had been completely wiped out.

  • CNN – Based on net worth calculations by Bloomberg, Bankman-Fried was worth about $16 billion at the start of the week. But as his crypto exchange, FTX, collapsed, the value of his assets was reduced to zero in what Bloomberg called “one of history’s greatest-ever destructions of wealth.”
  • BUSINESS INSIDER – Coinbase CEO Brian Armstrong confirmed in an interview with CNBC on Thursday that Bankman-Fried had reached out to him for help raising money. 
  • MARKETWATCH – Troubled cryptocurrency exchange FTX said it filed for voluntary Chapter 11 bankruptcy in a Delaware court on Friday, and that Chief Executive Officer Sam Bankman-Fried has resigned.
  • FOREIGN POLICY – During the 2021 crypto bubble, Bankman-Fried started promoting himself as a billionaire public thinker with big ideas and a deliberate mystique.