30-Year-Old Billionaire Loses Entire Fortune Overnight

  • 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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