30-Year-Old Billionaire Loses Entire Fortune Overnight

LONDON, ENGLAND - DECEMBER 07:  A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD, the crypto sector coninues to grow, as it continues to see wider mainstreem adoption. The price of one Bitcoin passed 15,000 USD across many exchanges today taking it higher than previous all time highs.  (Photo by Dan Kitwood/Getty Images)

At a glance

  • FTX, which is headquartered in the Bahamas, was launched in 2019 and had accrued more than one million users by 2022.
  • Users suddenly demanded $6 billion in withdrawals after an article published by CoinDesk revealed last week that the two arms of Bankman-Fried’s cryptocurrency empire, FTX and Alamada Research, had significant overlap on their balance sheets in the form of the cryptocurrency FTT, which FTX invented.
  • “Every time a major player in an industry fails, retail consumers will suffer,” Binance said in a statement.

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