FTX Sam Bankman-Fried live updates and latest news:

Samuel Bankman-Fried, popularly known as SBF, is the co-founder and former CEO of Bahamas-based exchange FTX. FTX was one of the leading exchanges in the Crypto world. The native token FTT began to face a crisis in mid-2022. It filed for bankruptcy in the United States in November 2022.

At the height of his life, his net worth was estimated at $26 billion. In the month of October this year, he estimated the net worth at $10.5 billion. During the FTX crisis, his net worth dropped 94% in a day, bringing him down to $991.5 million.

He donated huge sums of money to Democratic Party candidates in the US



Sam Bankman-Fried apologizes in a memo to employees

SBF has issued a memo to current and formal employees of FTX apologizing several times. It is clear from the memo that Sam Bankman-Fried sent the memo to express his apology and regret for his firing. He goes on to mention that his employees were his family and it was his responsibility to communicate with them about what happened. He explains in the memo what led to the situation of the company collapsing.

This memo is his first detailed explanation of what happened and the longest apology he has ever issued.


Expensive purchase around FTX

Official property records show that Sam Bankman-Fried’s parents and senior executives at FTX have purchased $121 million worth of real estate in the Bahamas in the last 2 years. This purchase consists of expensive homes with private beaches, condominiums in luxury resorts, etc. As alleged, these purchases were made by FTX to accommodate its key personnel.

Another document shows his parents drawing on a site overlooking the beach in Old Fort Bay, where a British colonial fort stood in the 18th century.


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About the author

Shourya is a crypto enthusiast who has developed an interest in corporate journalism in recent years. Shourya currently works as a writer at Coingape and is also an avid reader. Besides writing, you can see her at poetry shows, exploring cafes and watching cricket. As she says, “dogs are my home,” her first dog rescue was at age 7! She has continuously spoken out in favor of mental health and rainbow pride.

This post The tragic FTX saga and the fall of Sam Bankman-Fried

was published first on https://coingape.com/ftx-sam-bankman-fried-live-updates-the-tragic-ftx-saga-and-fall-of-sam-bankman-fried/


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