Why Is Crypto Tanking: The FTX-Binance Drama Explained

The deal has severely tainted, however, the reputation and fortunes of Sam “SBF” Bankman-Fried, the 30-year-old effective altruist and investor who was, until recently, considered a kind of crypto wunderkind – destined, it seemed, to profit as handsomely as anyone from the sector’s meteoric rise. According to Bloomberg’s billionaire index, the FTX blowup torpedoed SBF’s net worth by 94%, from $16 billion to below $1 billion.