After the failure of cryptocurrency exchange FTX and hedge fund Alameda Research, the troubled cryptocurrency sector and its rich pioneers face a day of reckoning. In particular, these crypto founders and bitcoin moguls lost $116 billion in 2022.
Sam Bankman-Fried was on a roll in January 2022. His Bahamas-based FTX had recently received $400 million at a $32 billion valuation from eminent venture capitalists. After a few weeks, SBF, as he is known, appeared on Forbes' annual list of the world's billionaires, where he ranked second amongst crypto billionaires with a $24 billion net worth.
Bankman-Fried is now possibly bankrupt and awaiting trial. SBF told many media organizations before his arrest in the Bahamas that his bank account was reduced to $100,000 and that he was "not sure" how he would pay his lawyers. Gary Wang, FTX's other cofounder and former chief technology officer—who struck a plea deal with the Securities and Exchange Commission—has also had his fortune, wh...
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