{"id":39775,"date":"2022-11-09T05:09:29","date_gmt":"2022-11-09T09:09:29","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=39775"},"modified":"2022-11-10T04:26:42","modified_gmt":"2022-11-10T08:26:42","slug":"sbf-falls-off-bloombergs-billionaire-index","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/sbf-falls-off-bloombergs-billionaire-index\/","title":{"rendered":"SBF falls off Bloomberg\u2019s billionaire index"},"content":{"rendered":"\n
Following the recent trouble facing FTX crypto exchange, the founder Sam Bankman-Fried<\/a> (SBF) no longer ranks in the top 500 on Bloomberg\u2019s billionaire index.<\/h5>\n\n\n\n
\"SBF
SBF falls off Bloomberg\u2019s billionaire index <\/figcaption><\/figure>\n\n\n\n

After a 94% estimated overnight decline in his personal wealth, crypto billionaire Sam Bankman-Fried (SBF) may no longer be allowed to call himself a “billionaire,” according to the Bloomberg Billionaires Index.<\/p>\n\n\n\n

When he was at his wealthiest, Bankman-Fried ranked highly on Bloomberg's wealth index\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, with a rumored net worth of $26 billion. The crypto entrepreneur, however, is no longer listed among the top 500.<\/p>\n\n\n\n

His personal riches are “likely” to be “eviscerated,” according to the outlet's Nov. 9 story, should the sale of his FTX exchange to rival Binance go through.<\/p>\n\n\n\n

Bankman-Fried owned a 53% share in FTX and its value before the news of Binance's acquisition was about $6.2 billion. In order to increase his own wealth by an additional $7.4 billion, he continued to hold Alameda Research<\/a>.<\/p>\n\n\n\n

The two companies are valued at just $1 by the Bloomberg wealth index, which estimates that Bankman-Fried and current investors will lose everything as a result of the Binance acquisition.<\/p>\n\n\n\n

As a result, Bankman-value Fried's has decreased from $15.6 billion on November 8 to approximately $1 billion, marking the “largest one-day loss among billionaires tracked by Bloomberg.”<\/p>\n\n\n\n

The takeover's specifics are yet unknown, but it excludes FTX.US, the exchange's American subsidiary. Earlier this year, the American-only exchange's value was estimated at about $8 billion.<\/p>\n\n\n\n

According to Bankman-Fried, the current arrangement between the exchanges is merely an informal letter of intent that Binance <\/a>is free to “get out of at any point.”<\/p>\n\n\n\n

Zhao highlighted his “two important lessons” from the most recent cryptocurrency fiasco on November 8. The first was never using a token that the exchange had created as collateral. Second, cryptocurrency enterprises should maintain a sizable reserve rather than borrow money or use it “efficiently.”<\/p>\n\n\n\n

The exchange's native token, FTX Token (FTT), which is at the center of the most recent crypto pandemic, has dropped a staggering 75% during the last 12 hours. At the time of writing, the defunct FTT token<\/a> was trading at $4.86, down 94% from its peak of $84.18 reached in September 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

Following the recent trouble facing FTX crypto exchange, the founder Sam Bankman-Fried (SBF) no longer ranks in the top 500 on Bloomberg\u2019s billionaire index. After a 94% estimated overnight decline in his personal wealth, crypto billionaire Sam Bankman-Fried (SBF) may no longer be allowed to call himself a “billionaire,” according to the Bloomberg Billionaires Index. […]<\/p>\n","protected":false},"author":12,"featured_media":8524,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[12125,3879,10731],"class_list":["post-39775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-billionaire-index","tag-bloomberg","tag-sbf"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/FTX-CEO-warns-investors-to-be-cautious-about-the-NFTs-space-scaled.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/39775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=39775"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/39775\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/8524"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=39775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=39775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=39775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}