Samuel Benjamin Bankman-Fried, or SBF as he is more commonly known, is an American businessman, investor, and suspected con artist who was born on March 5, 1992. In late 2022, Bankman-Fried’s cryptocurrency exchange, FTX, and Alameda Research, a trading firm with ties to FTX, filed for Chapter 11 bankruptcy. You can read details about Sam Bankmn Fried net worth in below section.
How Rich Is Sam Bankman Fried?
Sam Bankman-Fried, better known by his online moniker “SBF,” is an entrepreneur in the fields of finance and cryptocurrencies. He was a co-founder and CEO of the defunct cryptocurrency exchange FTX and the cryptocurrency trading firm Alameda Research.
Before his digital currency empire collapsed in early November 2022, he rose to notoriety as the chairman of one of the world’s largest cryptocurrency exchanges, with a personal net worth once topping $26 billion.
After FTX fell earlier that month after a story by CoinDesk highlighted potential debt and solvency risks concerning Alameda Research, on November 11, 2022, Bankman-Fried resigned and the company filed for Chapter 11 bankruptcy.3 The volatile crypto market lost billions of dollars after FTX failed, dropping its valuation below $1 trillion.
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How Sam Bankman-Fried Founded Alameda Research?
Bankman-Fried interned at Jane Street Capital, a proprietary trading firm, in the summer of 2013, where she traded foreign ETFs. After completing his degree at MIT, he went straight back to work there.
After leaving Jane Street in September 2017, Bankman-Fried relocated to Berkeley, California, where he served as the organization’s director of development at the Centre for Effective Altruism for only two months, from October 2017 to November 2017. Together with Tara Mac Aulay of the Centre for Effective Altruism, he established the quantitative trading firm Alameda Research in November 2017.
About 90% of Alameda Research was owned by Bankman-Fried as of the year 2021. To take advantage of the higher price of bitcoin in Japan compared to the United States, Bankman-Fried conducted an arbitrage transaction in January 2018 with a daily volume of up to $25 million. He initially visited Macau in late 2018 for a cryptocurrency conference before relocating to Hong Kong.
The Fall of FTX
The CEO of Binance, Changpeng Zhao, said on Twitter in November 2022 that the company planned to liquidate its FTT, the cryptocurrency used by FTX. In 2021, Binance sold a portion of its stake in FTX for $529 million. Zhao’s post came shortly after a CoinDesk article revealed that Alameda, Bankman-Fried’s trading firm, held primarily in FTT.
Here is the related tweet:
On November 6, 2022, the founder of crypto exchange Binance Changpeng Zhao, said he would sell all the tokens Binance owned from FTX, in which he had invested. The value of the FTT token plummeted, essentially creating a bank run, as FTX customers started withdrawing funds.
— The Juggernaut (@bethejuggernaut) March 1, 2023
Due to FTT’s limited trading volume, any sale by Binance is expected to have a disproportionate effect on the token’s price, according to Bloomberg and TechCrunch. The price of FTT and other cryptocurrencies fell after Zhao made public the impending sale and after he and Bankman-Fried engaged in a Twitter spat. Zhao has recently voiced his disapproval of Bankman-Fried’s lobbying activities.
Sam Bankman-Fried’s Alleged Tryst with Caroline Ellison
The vegan Bankman-Fried. He comes from a Jewish background. As of the middle of 2021, he allegedly shared a five-bedroom penthouse in the Bahamas with around ten other people. After FTX failed, the penthouse went on the market for about $40 million.
Former FTX and Alameda employees claim that Bankman-Fried had a romantic relationship with Alameda Research CEO Caroline Ellison.
Bankman-Fried is a fan of League of Legends and is suspected of playing the game while on the phone with Sequoia Capital to try and drum up investment. According to an FT article, Bankman-Fried has “average-to-bad” “win ratios” in League of Legends.
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