FTX founder Sam Bankman-Fried’s net worth plummeted to zero from $16 billion|@FTX_Official; Cointelegraph|via Twitter; CC BY 3.0
Days after plans to sell itself to rival Binance fell apart, and after Sam Bankman-Fried’s assurance on Twitter that the “Assets are fine,” FTX filed for bankruptcy.
The second-largest crypto exchange is seeking the court’s protection as it struggles for a way to return the money it owes users. The company’s CEO Sam Bankman-Fried has stepped down from his role and his net worth evaporated from $16 billion to zero.
The ‘King of Crypto’ tweeted Friday, “I’m really sorry, again, that we ended up here. Hopefully things can find a way to recover.”
“I was shocked to see things unravel the way they did.”
Under Chapter 11 proceedings for bankruptcy, the company can continue its operations while it tries to restructure its debts under court supervision.