Jakarta, CNBC Indonesia – The wealth of Sam Bankman-Fried (SBF), a young multibillionaire who was once hailed as a cryptocurrency savior hero, has disappeared for hundreds of trillions of rupees following the liquidity controversy his company suffered.
The name of the CEO of FTX – one of the largest cryptocurrency exchanges in the world – has disappeared from the list Bloomberg Billionaires Index today from the last position recorded yesterday at 16 billion dollars. This means that SBF’s wealth disappeared by up to US $ 15 billion or equivalent to Rs 232.5 trillion (assuming an exchange rate of Rs.15,500 / USD) within 24 hours.
The decline in SBF’s wealth to the point of being kicked off the prestigious list was the impact of the crash of native coins on the FTX exchange. Citation of data coinmarketcapthe price of the FTT coin this afternoon was trading at a price of US $ 4.49 or down 72% in the past 24 hours and fell 83% in a week.
SBF’s wealth is almost exclusively tied to the cryptocurrencies it owns, both on the FTX exchange and on Alameda Research, its cryptocurrency brokerage firm. This means that the weakening of the FTT currency has a direct and significant impact on the amount of its wealth.
He was worshiped as a hero
A few weeks earlier, Sam Bankman-Fried was considered a potential cryptocurrency hero because he was willing to pour out his huge fortune to save the volatile asset sector.
The 30-year-old has openly supported failed crypto projects including BlockFi, Voyager Digital, and Celsius. He also invested in Robinhood, which led to strong speculation that he would take over the trading app company.
Investor speculation is not without reason, as he bragged last year and said that once his FTX was big enough, it could engulf the CME group – the world’s largest futures exchange – or behemoth. US bank Goldman Sachs Group.
SBF is also ready to risk his fortune – $ 26 billion at its peak – to change the world by donating millions to politics and charities and promising that one day he will give all the price of his fortune to the cause.
His business will be annexed by rivals
Reported Reuters, Crypto giant Binance signed a non-binding deal on Tuesday to buy FTX business units outside of the United States to help cover the liquidity crisis FTX is experiencing.
The deal between the two strongest rivals in the cryptocurrency industry – FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao (CZ) – comes as speculations about FTX’s financial health are growing and impacting Withdrawal of $ 6 billion over the past three days at FTX.
The pressure on FTX itself has largely come from rival CZ, which tweeted last weekend that Binance would liquidate its rival token holdings due to recent information that wasn’t detailed.
The tweets won’t just shock cryptocurrency investors and likely make corporate giants, including the Softbank Vision Fund, Singapore’s Temasek equity fund, and Ontario Teachers’ Pension Plan, wary. This is because they have the potential to suffer losses on the $ 400 million investment invested in FTX with a valuation of $ 32 billion in January.
RESEARCH TEAM OF CNBC INDONESIA
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