How A Crypto Billionaire Lost His $16 Billion Fortune

Created By Fintech Team

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

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

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

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

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

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

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

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

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.

How much a situation may alter in a matter of week