Joe Biden Bill Clinton Britain Usa President 2020 experts Joe Biden Bill Clinton Britain Usa

FTX founder Sam Bankman-Fried's sudden turn from white knight to washout

Reading now: 833
www.channelnewsasia.com

Sam Bankman-Fried earned a reputation as savior of the crypto industry when he bailed out two platforms earlier this year. But when FTX, the exchange he cofounded and led until Friday (Nov 11), needed a lifeline, none was forthcoming.Until this week, the 30-year-old American was seen as a darling in digital assets who amassed billions in personal wealth by running one of the world's largest crypto platforms.

But as traders rushed to withdraw funds from FTX, Bankman-Fried was in denial and told investors he was convinced the business would be rescued, according to a source familiar with the situation.

By Friday, FTX had filed for bankruptcy. He apologised, repeatedly."Nobody was saying that anything was wrong with SBF," said Marius Ciubotariu, co-founder of the Hubble protocol, a decentralized lending platform.

The company's collapse caught markets by surprise because Bankman-Fried was seen as a business-savvy founder adept at striking deals, he said.Known in financial circles by his initials, SBF, Bankman-Fried had become a prominent and unconventional figure in the industry.

Read more on channelnewsasia.com
The website meaws.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

11.12 / 08:33
Calvin Harris criticised by gay rights campaigners after performing at World Cup in Qatar
Calvin Harris took to the stage in Qatar last night despite concerns raised by gay rights campaigners. The Scots megastar DJ had been urged to pull out of playing a lucrative set during the World Cup because of the country’s human rights record. Ahead of ­headlining the Fifa Fan Festival event last night, Harris, 38, came under ­pressure from LGBT groups not to perform in the Gulf state, where same-sex ­relationships are banned.
DMCA