Former CEO of FTX – Sam Bankman-Fried revealed his net worth is only 100,000 USD

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2022-12-04 09:13:41

Once one of the top young billionaires in the world, now Sam Bankman – Fried has only $ 100,000 left in the bank.

Sam Bankman’s assets in the bank are now only 100,000 USD

In an interview with the American newspaper Axios, former FTX CEO Sam Bankman-Fried said that the last time he checked, there was only about 100,000 USD left in his bank account. Even Sam feels his financial situation “seems unstable”.

At its peak in early 2022, FTX was valued at $32 billion and Sam Bankman-Fried’s fortune was estimated by Forbes at $26 billion. However, that all disappeared when FTX-Alameda collapsed quickly in mid-November. Most of Sam’s assets are tied to FTX exchange and investment fund Alameda Research and all have stayed in the past.

Sam thinks that FTX would not have become like this if it was regulated by law and monitored within the company. The former CEO believes that he must be fully responsible for what happened.

“I wish there was someone other than me monitoring conflicts of interest. I wish there was more transparency and reporting on the FTX situation to outsiders.

I wish I had been more careful. I am very sorry about this. I focus too much on trading volume instead of account balance. I have to take on more responsibility and should be aware of what is going on.”

Sam is facing charges of intentionally concealing wrongdoings between himself and FTX-Alameda, such as misusing customer deposits; lending money to Alameda users on FTX; create a hole yourself to easily withdraw money from the exchange; Investment losses lead to a deficit of 8-10 billion USD.

However, maintaining his point of view, the statements of Sam Bankman – Fried made in the past time always said that the collapse of FTX was caused by internal errors.

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