• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home People Billionaire Watch

Former FTX billionaire starts the New Year with less than $100,000 to his name

Michael Ndu-Okeke by Michael Ndu-Okeke
January 6, 2023
in Billionaire Watch, Lifestyle & Entertainment
Former FTX billionaire starts the New Year with less than $100,000 to his name

Sam Bankman-Fried

Share on FacebookShare on TwitterShare on Linkedin

Sam Bankman-Fried, the embattled CEO of one of the industry’s leading crypto exchanges, FTX, is currently worth less than $100,000. 

The former crypto billionaire who was worth $24 billion as of march last year, is kicking off the year facing charges and wondering how he will afford his team of lawyers.  

Bnakman-Fried, who pleaded not guilty to charges including cheating investors out of billions, is currently awaiting trial which is scheduled to commence in nine months.

RelatedStories

When you travel to your village, why do you buy yams, palm oil and bananas and return them to your city?

Nigeria Inflation to ease slightly in May 2025 amid Naira stability and fuel price cuts – Analysts

June 15, 2025
UK, worker visa

UK work visas drop 39% in 2024, health and care approvals plunge 85% amid stricter immigration rules 

June 15, 2025

The fall: Sam Bankman Fried was the poster boy of cryptocurrency until the current turmoil that has rocked the market. 

He went from one of the richest men in cryptocurrency to bankruptcy after both his companies FTX and Alameda Research collapsed in November.

FTX was founded in 2019 by Former Wall Street trader Sam Bankman-Fried and ex-Google employee Gary Wang.  

At its peak, FTX Exchange was valued at $32 billion. SBF also amassed a personal wealth that peaked at $26.5 billion thanks to his ownership of about half of FTX and a share of its FTT tokens.  

The backstory: The problem started in November 2022 when the crypto news website CoinDesk reported a leaked balance sheet that showed Alameda Research, Bankman-Fried’s crypto trading firm, was heavily dependent on FTX’s native token FTT.  

This was followed by Binance CEO Changpeng Zhao liquidating all its holdings of FTT due to unspecified “recent revelations” according to Reuters.  

The move by Binance raised an alarm that witnessed thousands of investors rushing to withdraw all their money at the same time, thus wrecking the coffers of the FTX Exchange and depreciating the value of the FTT.  

Sam Bankman Fried witnessed a massive drop in net worth, going from a whopping $16 billion to a low of $991 million in a single day.  

The fall continued well into December when SBF was forced to declare FTX bankrupt.  

In the early days of the new year, Sam Bankman-Fried is worth less than $100,000 and is currently leaving with his parents.  

Case Against SBF: SBF was extradited from The Bahamas to the United States to face charges of wire fraud and money laundering.  

He is accused of diverting billions of dollars of investor funds to buy real estate, make political donations and prop up his cryptocurrency trading hedge fund, Alameda Research.  

He faces a 115-year sentence if convicted.  

What You Should Know: 17 of crypto’s wealthiest investors and founders have collectively lost an estimated $116 billion in personal wealth since March 2022.  

The biggest loser is Binance’s very own founder Changpeng Zhao who witnessed his wealth go from $65bn in early march 2022 to $4.5bn currently.  

 


Follow us for Breaking News and Market Intelligence.
Michael Ndu-Okeke

Michael Ndu-Okeke

I am Michael Ndu-Okeke, a crypto reporter and analyst covering the intriguing world of Cryptocurrencies and its market. My work focuses on informative news, industry trends and research explaining the crypto industry to a wide range of readers.

Related Posts

When you travel to your village, why do you buy yams, palm oil and bananas and return them to your city?
Economy

Nigeria Inflation to ease slightly in May 2025 amid Naira stability and fuel price cuts – Analysts

June 15, 2025
UK, worker visa
"Japa"

UK work visas drop 39% in 2024, health and care approvals plunge 85% amid stricter immigration rules 

June 15, 2025
Meet Lauren Leichtman, the first woman to build a billion-dollar fortune in private equity 
Billionaire Watch

Meet Lauren Leichtman, the first woman to build a billion-dollar fortune in private equity 

June 15, 2025
NABTEB releases results, 73.19% achieved five credits or more, malpractices recorded
Education

Technical education enrolment examination in Nigeria surges by 300% in 1 year – NABTEB  

June 15, 2025
Telecom
Financial Services

USSD charges: Nigerian banks, telcos still testing end-user billing  

June 15, 2025
Gombe Govt approves N1.15 billion for solar street lights, infrastructure in 3 LGAs
Agriculture

Gombe receives N60 billion from FG to establish 184-hectare Agro-Livestock Industrial Zone

June 14, 2025
Next Post
UK reduces funding for science PhDs as EPSRC, Wellcome make cuts 

Only 3% of UK employers are aware of the Graduate Visa Route and this is bad news for Nigerian students in the UK

Comments 1

  1. Ihezuo chidiebere says:
    January 17, 2023 at 4:00 pm

    It is a turf world out there.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Nigeria Inflation to ease slightly in May 2025 amid Naira stability and fuel price cuts – Analysts
  • UK work visas drop 39% in 2024, health and care approvals plunge 85% amid stricter immigration rules 
  • Meet Lauren Leichtman, the first woman to build a billion-dollar fortune in private equity 

Follow us on social media:

Recent News

When you travel to your village, why do you buy yams, palm oil and bananas and return them to your city?

Nigeria Inflation to ease slightly in May 2025 amid Naira stability and fuel price cuts – Analysts

June 15, 2025
UK, worker visa

UK work visas drop 39% in 2024, health and care approvals plunge 85% amid stricter immigration rules 

June 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics