FTX, a cryptocurrency exchange that operated around the world, collapsed as panicked traders pulled $6bn out of the company in just three days after a series of bombshell allegations.
A crypto entrepreneur says his net worth has fallen from $26.5bn to $100,000 after his company imploded.
Sam Bankman-Fried admitted it has been a « bad month » after FTX collapsed into bankruptcy, leaving thousands of people frozen out of their savings.
The 30-year-old – who once positioned himself as a saviour for stricken firms – has been accused of misusing customer funds and moving $10bn out of the company in secret.
To make matters worse, reports suggest that at least $1bn has vanished.
But speaking at the New York Times’ DealBook summit, he insisted that he has never tried to commit fraud, and said he was « shocked » at how things unfolded.
