Sam Bankman-Fried says he has only $100,000 left in his bank account
Sam Bankman-Fried, the disgraced crypto boss at the centre of the FTX collapse, says he has around $100,000 left in his bank account
November 30, 2022 / 07:42 AM IST
FTX Founder and former CEO Sam Bankman-Fried
Sam Bankman-Fried, the disgraced crypto boss at the centre of the FTX collapse, says he has around $100,000 left in his bank account. In a Monday night interview with Axios, Bankman-Fried blamed both personal shortcomings and regulatory gaps for the implosion of his crypto exchange FTX, which filed for US bankruptcy protection earlier this month.
Asked about his personal finances, Sam Bankman-Fried, 30, said, “Am I allowed to say a negative number?”
"I mean, I have no idea. I don't know. I had $100,000 in my bank account last I checked," he clarified.
“It's complicated. Basically everything I had was just tied up in the company,” the embattled FTX founder explained.
Bankman-Fried lost his billionaire status overnight as his personal wealth plummeted nearly 94 percent to $991.5 million in a single day when the FTX collapse made headlines.
According to Axios, his personal wealth had reached $26.5 billion at one point. At the time the FTX saga unravelled, he was worth an estimated $15.2 billion.
FTX on Nov. 11 filed for U.S. bankruptcy protection, along with its U.S. unit, crypto trading firm Alameda Research and nearly 130 other affiliates. Its founder Sam Bankman-Fried resigned as chief executive after rival exchange Binance walked away from a proposed acquisition.
The collapse has fanned fears about the future of the crypto industry and several crypto firms have since been bracing for a fallout.
Last week, at the troubled crypto exchange's first bankruptcy hearing attorneys said FTX was run as a "personal fiefdom" of former CEO Sam Bankman-Fried and detailed on going challenges such as hacks and substantial missing assets.
(With inputs from Reuters)
