In less than a week, Sam Bankman-Fried's $16 billion fortune evaporated

TL;DR

But as his crypto exchange, FTX, collapsed, the value of his assets was reduced to zero in what Bloomberg called “one of history’s greatest-ever destructions of wealth.”FTX on Friday said it filed for bankruptcy, and Bankman-Fried, known as SBF, resigned as chief executive.Over the summer, as crypto prices plummeted, Bankman-Fried emerged as a white knight for the sector, using his FTX exchange and its sister hedge fund, Alameda, to secure lines of credit to crypto companies like BlockFi and Voyager that were at risk of collapsing.In a statement, the five-person team wrote that they “have fundamental questions about the legitimacy and integrity of the business operations that were funding the FTX Foundation and the Future Fund.”The-CNN-Wire™ & © 2022 Cable News Network, Inc., a Warner Bros.Discovery Company.All rights reserved."

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