Sam Bankman-Fried - About FTX and Alameda Research Collapse. Bitcoin and Ethereum Dropped 25%
1 year ago
Ethereum
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#FTX #Alameda #Binance #Changpeng #Zhao #SBF #Twitter #Ethereum #Bitcoin #ETH #BTC #Cryptocurrency
In early 2022, FTX was valued at $32bn and a household name, with an NBA stadium named after the company and endorsements from celebrity backers such as the NFL's Tom Brady.
All the while, Mr Bankman-Fried seemingly delighted in giving his Twitter followers an insight into his lifestyle. He mainly sleeps on a beanbag next to his desk in the office, he said, with a picture of him lying next to his staff at their trading terminals.
In another, he posted in the early hours of the morning. "Couldn't sleep. Back to the office," he wrote.
Mr Bankman-Fried's dream of giving away vast amounts of money to charity was also well under way. In the BBC radio interview last month, he claimed he had given away "a few hundred million as of now".
And his generosity didn't just extend to charities. In the last six months, the "King of Crypto" was given another nickname - "Crypto's White Knight".
With the price of cryptocurrencies falling in 2022, the so-called "Crypto Winter" is in full swing. While other companies in the industry faltered, Mr Bankman-Fried was handing out bailout cash in the hundreds of millions.
Asked why he was trying to prop up failing crypto firms, he told CNBC: "It's not going to be good long-term if we have real pain and real blow outs. And it's not fair to customers."
He also claimed, in the same interview, to have $2bn in reserve that he could use to help failing crypto companies.
But last week, he was going around the same industry himself, trying to raise money to save his own company and customers.
Questions about the real financial stability of FTX began swirling after an article on the CoinDesk website suggested that much of Mr Bankman-Fried's trading giant Alameda Research rests on a foundation largely made up of a coin that a sister company of FTX invented, not an independent asset.