How A Crypto Billionaire Lost His $16 Billion Fortune

FTT, a cryptocurrency traded on the FTX exchange, has experienced a sharp decline in price.

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Over several days, the price dropped by more than 80%.

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It took place following the CEO of Binance's November 8 announcement that Binance has signed a letter of intent to acquire FTX.

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However, on November 9, Binance really backed out of the agreement

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Due to concerns from FTX customers that their money was no longer secure on the FTX Crypto exchange.

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They went into a frenzy and quickly withdrew more than $5 billion in assets over the course of three days.

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Due to this, FTX had no choice but to declare bankruptcy, which was successful on November 11th.

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Just a few months ago, ex-CEO Sam Bankman-Fried was compared to Warren Buffett and praised for his brilliance.

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Now that his enterprise has been disintegrating in front of his eyes over the course of a week, he has lost around $16 billion as a result.

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How much a situation may alter in a matter of week

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