Share this article
Sam Bankman-Fried No Longer a Billionaire After $14.6B Wipeout: Bloomberg
The FTX CEO lost an estimated $14.6 billion dollars – nearly 94% of his total wealth – according to the Bloomberg Billionaire Index.
Updated May 9, 2023, 4:01 a.m. Published Nov 8, 2022, 5:00 a.m.
FTX CEO Sam Bankman-Fried has vanished from the Bloomberg Billionaires Index after his estimated personal wealth plummeted nearly 94% to $991.5 million in a single day.
Binance CEO Changpeng “CZ” Zhao announced on Tuesday that he had inked a provisional agreement to acquire FTX after concerns mounted about the Bahamas-based exchange’s apparent insolvency, leading to a slowdown in withdrawals and freefall in the price of FTX’s native token.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Read More: Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books: Source
Before his company’s cash crunch, Bankman-Fried was worth an estimated $15.2 billion but, according to Bloomberg, $14.6 billion was wiped out overnight. Bankman-Fried’s rapid rise to financial success, combined with his relative youth and eccentric personality – including his supposed penchant for sleeping on a beanbag in his office – made SBF one of the darlings of the crypto industry.
A self-described “effective altruist,” Bankman-Fried made big promises earlier this year to donate the majority of his fortune, at the time valued at $21 billion, to charity. He also promised to spend up to $1 billion to support political candidates aligned with his broader mission of preparing for future pandemics.
Read More: Crypto Exchanges Scramble to Compile 'Proof-of-Reserves' as FTX Contagion Grips Markets
Though Bankman-Fried spent approximately $40 million ahead of the midterm elections (with middling success), he later backed away from his promise, calling it “a dumb quote.”
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Turkey's Paribu Buys CoinMENA in $240M Deal, Expanding Into High-Growth Crypto Markets
With the acquisition, Paribu gains regulatory foothold in Bahrain and Dubai and access to the region's fast-growing crypto user base.
What to know:
- Paribu acquires Bahrain- and Dubai-based CoinMENA for up to $240 million.
- Deal marks Turkey’s biggest fintech acquisition and first international crypto M&A, the firm said.
- The move taps into the MENA region’s fast-growing crypto user base and supportive regulatory hubs.
Top Stories
