Dubbed 'Crypto’s white knight' after he repeatedly bailed out rivals who had landed themselves in trouble, the man known as SBF watched his wealth crash and burn.
The price of Bitcoin and other cryptocurrencies has risen and fallen dramatically on multiple occasions over the past few years.
Whatever your circumstances, you’ve certainly never lost as much money in a single day as Sam Bankman-Fried., after he repeatedly bailed out rivals who had landed themselves in trouble, the man known as SBF lost 94% of his wealth over a 24-hour period he will never forget: His most valuable assets were his stakes in FTX, the crypto exchange he founded, and Alameda, a crypto trading house.
Worse still, Binance, the world’s biggest cryptocurrency platform, had agreed to buy FTX and save the day earlier in the week. However, that deal is now up in smoke, reportsBinance signed a non-binding agreement on Tuesday to buy FTX’s non-United States unit to help cover a “liquidity crunch” at the rival exchange, but the deal was subject to further due diligence.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'I'm sorry, I f---ed up': Inside the FTX collapseNews of the liquidity crunch at FTX has sent reverberations through the crypto world.
Read more »
Binance bails out crypto rival FTXCrypto giant Binance has helped cover a 'liquidity crunch' at rival FTX in a surprise move that lifted cryptocurrencies on Tuesday.
Read more »
Binance to buy FTX after 48-hour crypto whale gameA 48-hour crypto drama ended in shock Tuesday as Binance agreed to acquire its closest rival, FTX, after helping whip up an investor exodus.
Read more »
Record amount of crypto stolen in October - IT-OnlineThe rate of crypto being hacked and stolen has been rising at an alarming rate and, according to analysis byStockApps.com, more than $1-billion was plundered in October this year – the most in any one month in 2022. “Crypto frauds are becoming more popular day after day,” says StockApps analyst, Edith Reads. “You’d think criminals […]
Read more »
Business Maverick: Asian stocks fall, crypto bounces before CPI: markets wrapAsian stocks weakened after US shares fell and cryptocurrencies arrested a sharp decline that sapped risk appetite ahead of crucial inflation data due later on Thursday.
Read more »