Crypto billionaire loses 94% of his fortune overnight

It is already considered the largest drop of a multi-million fortune in just one day. Crypto tycoon Sam Bankman-Fried The CEO of FTX, he had an estimated fortune of $16 billion at the start of the week, but lost 94% of the value, to $1 billion.🇧🇷

Second reports to BloombergThe 30-year-old billionaire announced that his crypto-asset exchange company, FTX will be sold to rival Binance, aiming to alleviate liquidity issues🇧🇷 He states that his stake in the company is 53%, with a value of $6.2 billion. The remainder of his fortune, $7.4 billion, is related to another cryptocurrency exchange, Alameda Research.

With the purchase of FTX by Binance, Bloomberg reports FTX and Alameda are now worth $1 each, to clean up the value of Sam Bankman-Fried’s biggest companies🇧🇷

a interested in trade It states that losses of this magnitude are normal among the richest people in the world, but none of them have lost such a large percentage in a single day. It gives an example of how Mark Zuckerberg lost 29 billion on February 3, but a fortune amounted to 84.3 billion on that day🇧🇷 Elon Musk and Jeff Bezos also see their fortunes fluctuate, with losses estimated at billionsEspecially those associated with the technology industry.

The cryptocurrency industry is extremely volatile and can either turn investors into millionaires one day or destroy fortunes the next. There were sudden drops in the market, due to the collapse of the cryptocurrency, which has already caused losses of 600 billion dollars, affecting all companies in this sector. Binance founder Changpeng Zhao lost $79.4 billion of his fortune due to the meltdown🇧🇷