The Fate Of FTX Sam Bankman-Fried In The Past And Now Is Different, Here's An Illustration

Illustration of the FTX crypto exchange (Doc. Invencoin)

YOGYAKARTA The fate of the crypto trading company FTX used to be different and now is different. The company founded by billionaire Sam Bankman-Fried (SBF) was praised in the past, but now its fate seems to reverse. Then what happened to FTX Sam Bankman-Fried now?

As is known, FTX is a cryptocurrency exchange company that is very popular in the world. In fact, its users reach millions of people. The company was founded by entrepreneurs and investors from the United States Sam Bankman-Fried or commonly known as the initials SBF.

According to Forbes data, SBF has a wealth of US$21.5 billion or around Rp. 319.75 trillion. This wealth was partly obtained from its efforts to establish FTX and crypto trading for the company Alameda Research.

Meanwhile, FTX itself has a capitalization value of 32 billion US dollars in January. FTX is not only popular but is also trusted by many users with an average trading volume per day reaching 10 billion US dollars.

Unfortunately, the brightness of FTX is starting to fade. The crypto company reportedly encountered a number of obstacles. The concern grew when the FTT price, the token owned by FTX, fell in just 24 hours. This condition has the potential to have a number of impacts on the crypto industry.

According to a Bloomberg report from trusted sources, SBF has provided information that its FTX faces a shortage of US$8 billion. The company also needed fresh funds of US$4 billion to avoid bankruptcy.

The company is trying to save by financing, either in the form of equity debt, or both at once. If these efforts are not made, the company will file for bankruptcy.

Binance itself had planned to acquire FTX. But the acquisition was canceled. Binance chose to withdraw from the plan. It was announced on Wednesday 10 November.

If FTX is forced to walk into the brink of bankruptcy, then FTX will extend the list of bankrupt crypto companies. Bankruptcy is not only felt by parties who intersect directly with FTX, FTX token holders will also experience uncertainty leading to huge losses.

That is information related to the fate of FTX Sam Bankman-Fried. To get other interesting information, visit VOI.ID.