News 📰 : The demise of the FTX "King of Crypto" Sam Bankman-Fried
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Sam Bankman-Fried became a billionaire in 2021, After his secondary high-profile business, FTX. The crypto exchange grew to be the second largest in the world and a titan of the industry, seeing a trade of 10-15bn a day.
His FTX empire crumbled in a little more than a week, shattering trust in the already unstable cryptocurrency market. "I'm really sorry, again, that we ended up here. Hopefully things can find a way to recover," Mr Bankman-Fried, Twitted on Friday.
Right now FTX has about 1.24 billion of cash in total — but still owes at least 3.1 billion It is not clear how FTX will raise the cash needed to fill that gap.
even after resignation,Sam Bankman-Fried, is trying to negotiate a multibillion-dollar deal with investors to bail out FTX.
That's a wrap!
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