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Sam Bankman-Fried’s $16 billion fortune evaporated in a week

Sam Bankman-Fried woke up on Monday still a billionaire, even as his cryptocurrency empire was beginning to unravel. By Friday, his fortune was completely wiped out.

Based on net worth calculations by Bloomberg, Bankman-Fried was worth about $16 billion at the start of the week. But as his crypto exchange, FTX, collapsed, the value of his assets was reduced to zero in what Bloomberg called “one of history’s greatest-ever destructions of wealth.”

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022.

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by Anonymousreply 95December 4, 2022 4:59 AM

When are so called "smart investors" going to learn crypto is nothing more than a glorified Ponzi scheme. You can try to dress it up and parade it around with all sorts of fancy schmancy algorithms, but in the end it's still a big cluster fuck Ponzi scheme.

Bernie Madoff did it much, much better.

by Anonymousreply 1November 12, 2022 12:43 PM

I hear Target is hiring for the holidays, Sam.

by Anonymousreply 2November 12, 2022 12:46 PM

As if he hasn't socked away sufficient off shore.

by Anonymousreply 3November 12, 2022 12:47 PM

I am still not sure how you could cash out $16 billion in crypto-currency so it doesn't evaporate.

by Anonymousreply 4November 12, 2022 12:50 PM

Jews

by Anonymousreply 5November 12, 2022 2:27 PM

He’s going to go to jail. He was speculating with customer funds. Tsk Tsk.

by Anonymousreply 6November 12, 2022 3:48 PM

It's back to flipping burgers Sam.

by Anonymousreply 7November 12, 2022 4:14 PM

Paging Nelson Muntz!

by Anonymousreply 8November 12, 2022 4:15 PM

SBH now means Sam's Been Fucked.

by Anonymousreply 9November 12, 2022 4:16 PM

Diversify, people.

by Anonymousreply 10November 12, 2022 4:17 PM

R9 SBF, that is, or Sam's Been Fucked

by Anonymousreply 11November 12, 2022 4:20 PM

Shit. I was thinking maybe at last he could afford a decent haircut.

by Anonymousreply 12November 12, 2022 5:40 PM

[post redacted because linking to dailymail.co.uk clearly indicates that the poster is either a troll or an idiot (probably both, honestly.) Our advice is that you just ignore this poster but whatever you do, don't click on any link to this putrid rag.]

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by Anonymousreply 13November 12, 2022 5:48 PM

Nerds! @R14

by Anonymousreply 14November 12, 2022 5:49 PM

I mean Nerds! @R13

by Anonymousreply 15November 12, 2022 5:50 PM

I'm so glad I stayed out of this shit.

by Anonymousreply 16November 12, 2022 5:52 PM

He looks like Charlie Puth's homely brother.

by Anonymousreply 17November 12, 2022 5:55 PM

Fyre Festival 2.0: The cryptocurrency edition.

by Anonymousreply 18November 12, 2022 6:09 PM

The whole market is acting crazy. The SPY index is now basically a volatile meme-stock. Every time Jerome Powell opens his mouth, the entire market either crashes or surges like crazy. It’s all because the insane bets by over-leveraged Hedge Funds.

by Anonymousreply 19November 12, 2022 6:10 PM

Good. I'm so sick of weirdo rich freaks like him and Musk and Zuckerburg. Just fuck off back to sitting alone in a room somewhere.

by Anonymousreply 20November 12, 2022 6:12 PM

Good. Fuck him.

by Anonymousreply 21November 12, 2022 6:12 PM

Whenever Michael Saylor, a huge cryptocurrency pumper says anything, like "Mad Money" conman Jim Cramer, do the opposite.

by Anonymousreply 22November 12, 2022 6:16 PM

Talking about Elon Musk…

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by Anonymousreply 23November 12, 2022 6:19 PM

Did you see the picture of his gf? my gawd!

by Anonymousreply 24November 12, 2022 6:22 PM

I have a wee bit of crypto in a hardware wallet and sometimes log onto Coinbase (which will eventually shut down) to take their Coinbase Earn quizzes sometimes but I've already unlinked my banking information from the site.

Crypto was interesting for me to learn about. I took some MIT Open Course Ware classes on the Blockchain and invested the equivalent of the utility bill of a family of four over on Coinbase and nothing more. When the crap started to hit the fan I got a hardware wallet.

My nerdy ass point is you diversify your overall investment and savings portfolio with something whacky just a wee bit. Nothing more. Just a wee bit. Like with penny stocks, if it's a truly legit company, service, or perhaps product you have researched properly maybe buy $10.00 in shares not $100000000.00 in shares.

Some of the crypto people are gambling. Remember Ethereum basically exists in the Ether to begin with. That one is tanking- a very fair amount of crypto coins are built on it. Where are they built? Why in the Ether(um) of course. See what I did just then?

by Anonymousreply 25November 12, 2022 6:31 PM

Gotta find the wrecked investor with the biggest cock to take this guy's ass cherry.

by Anonymousreply 26November 12, 2022 6:38 PM

You can use a portion of investing as play money, as long as it isn't in some kind of margin account where they can come after people for more than they've invested. But you can also play more safely (though not score as much if you cash out at the top, if you're lucky) but have some diversity by investing smaller percentages in junk bond funds, gold funds, precious metals and commodity funds. Those all sometimes do the opposite of what regular stock markets do. Good to have something zigging while other stuff is zagging. But crypto I've always avoided as it just seems like there's no "there" there. At least you can make a bracelet out of gold or sell orange juice.

by Anonymousreply 27November 12, 2022 6:42 PM

R3 - Good luck with that.

by Anonymousreply 28November 12, 2022 6:43 PM

I've read about crypto and I still don't understand it, especially what seems to be their McGuffin term "blockchain". It's passed around like they're all taking a toke of it, but it's shrouded in mystery about what the hell it actually does that adds value to these pseudo-currencies. So I just watch this shit hit the fan like what happened this week from afar.

by Anonymousreply 29November 12, 2022 6:46 PM

It's really just a way to make money while pissing of the climate change folks by burning up all that electricity.

by Anonymousreply 30November 12, 2022 6:47 PM

Has anyone actually gotten rich by investing in Bitcoin or another one? Not rich on paper like this guy, but actually cashed out of it with millions or hundreds of millions of dollars that they can actually invest and spend, when they started with just a few thousand?

by Anonymousreply 31November 12, 2022 6:49 PM

Stick to blue-chip companies like Canadian Allied Petroleum.

by Anonymousreply 32November 12, 2022 7:51 PM

Its just that everybody is so UGLY in this saga, how can Netflix make this watchable yet be realistic?

by Anonymousreply 33November 12, 2022 7:52 PM

I'm sure there's a role for me in here somewhere!

by Anonymousreply 34November 12, 2022 8:17 PM

Another Ponzi scandal

by Anonymousreply 35November 12, 2022 8:19 PM

All that money and couldn’t get a good hairstylist!

by Anonymousreply 36November 12, 2022 8:30 PM

I never understood one single thing I read about cryptocurrency until I saw “billions lost in one week.” Somehow, that seemed reasonable and unsurprising.

by Anonymousreply 37November 12, 2022 8:36 PM

The perpetrators of these cybercurrencies, including the ones who started them and the ones who hype them, tried to make them seem the latest, greatest but at the same time make it purposefully hard to misunderstand, so that people who, unlike you, won't deign to say they don't understand it by their thinking themselves so brilliant, and have FOMO will invest (and if they don't get out quickly, lose a lot of dough).

by Anonymousreply 38November 12, 2022 9:05 PM

that is, "purposefully hard to understand"

by Anonymousreply 39November 12, 2022 9:06 PM

The only purpose these currencies serve is facilitating illegal activity. I used bitcoin to buy weed on the dark web. Their advocates dressed them up in libertarian garb as money free of government control and bank intermediation as if those were benefits. They forgot there is actually a good reason we have governments and that financial markets are regulated.

by Anonymousreply 40November 12, 2022 11:05 PM

there are so many hackers ans scammers in the crypto world

by Anonymousreply 41November 12, 2022 11:25 PM

Used clients investment to shore up loss.

Dot dot dot.

by Anonymousreply 42November 12, 2022 11:37 PM

He's going to jail.

by Anonymousreply 43November 12, 2022 11:39 PM

Yup he us

by Anonymousreply 44November 12, 2022 11:59 PM

[quote]But as his crypto exchange, FTX, collapsed, the value of his assets was reduced to zero in what Bloomberg called “one of history’s greatest-ever destructions of wealth.”

Good thing I'm not [italic]that[/italic] fucking guy. I make rockets.

by Anonymousreply 45November 13, 2022 12:34 AM

Cryptocoins were... numbers that were impossible to guess? And guessing it right increased the value?

I NEVER understood it.

by Anonymousreply 46November 13, 2022 12:39 AM

You weren't intended to understand this. Its a grift.

by Anonymousreply 47November 13, 2022 12:42 AM

did they ever figure out who invented it yet?

by Anonymousreply 48November 13, 2022 12:46 AM

These people are hilarious: chemming themselves with designer stimulants that may as well be meth, weird sex stuff like how all the employees were basically orgy participants, and the dude allegedly already flew the coop to Argentina.

by Anonymousreply 49November 13, 2022 2:00 AM

R24? WOOF!!!

by Anonymousreply 50November 13, 2022 2:18 AM

Stop the nonsense.

He never had a $16 billion fortune. Some stupid Canadians and a few others paid a fortune for a tiny tiny slice of his over-promoted company. Mindless multiplication then valued his controlling interest on the same basis. Yet for all sorts of reasons, that controlling interest never approached $16 billion in value.

by Anonymousreply 51November 13, 2022 2:37 AM

holy cow, i saw his giant dt billboard in dallas last month

it screamed fintech silicon valley bros 2 entice ppl

i thought 2 myself that this is a ttl scam, that he probably needed investors, since he looks like he has no idea how money works and only good with the tech stuff

turns out i was right!

by Anonymousreply 52November 13, 2022 5:05 AM

Same old Elizabeth Holmes overvalued delusional idea with no way to ground it in reality story. Ive heard of Binance, Coinbase and Kraken exchanges, was FTX really big? These are also some really well connected kids… their brown friends will probably take the fall for them.

by Anonymousreply 53November 13, 2022 6:01 AM

I have a STEM degree and I still don’t have a clue what these nerds are on about. I think it’s the ugly and convoluted jargon.

by Anonymousreply 54November 13, 2022 1:47 PM

3 Connie Loizos Wed, November 9, 2022 at 9:13 PM·6 min read

Sequoia Capital just marked down to zero the value of its stake in the cryptocurrency exchange FTX -- a stake that accounted for a minor percentage of Sequoia's capital but as of last week likely represented among the most sizable unrealized gains* in the venture firm's 50-year history.

It alerted its limited partners in a letter that it sent out to them this evening. (See below.)

No doubt those backers are collectively still processing the events of this week.

They're accustomed to startup failures; this is outright calamity.

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by Anonymousreply 55November 13, 2022 2:10 PM

r54 imagine mcdonald's created its own currency called mcbuck

then mcd borrow real money loans w/ mcbuck as collateral

thats what sam did w/ his monopoly money ftt from ftx

ftt dropped when binance ( sam's loan shark) dumped all ftt in2 open market , thereby significantly devalue the monopoly $

binance could have sold the ftt 2 this other interested party 4 real cash, but i guess binance was super pissed or sumthin

by Anonymousreply 56November 13, 2022 2:37 PM

hmm...this got me thinkin tho, binance was founded by chinese, which of course is backed by the ccp

this dump thing is probably china retaliation 4 nancy visit and american aggressive stance toward china

probably trying 2 trigger recession, destabilize american money, & thereby political regime

by Anonymousreply 57November 13, 2022 2:43 PM

R53: what “brown” friends?

by Anonymousreply 58November 13, 2022 2:56 PM

r58 lizzie was sleeping w/ this old indian guy , whom she convinced 2 b a bigwig on the board

by Anonymousreply 59November 13, 2022 3:00 PM

“I used to be a vegan crossfitter with an airfryer, but thanks to crypto, I have a new thing to talk about all the time.”

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by Anonymousreply 60November 13, 2022 3:32 PM

So the article says that there were 10 people total living in the penthouse, all of which were paired off in romantic relationships at one point. SBF & Caroline were a couple. I didn't read any other women there just men.

by Anonymousreply 61November 13, 2022 3:40 PM

Caroline was clearly enough women for all of them.

by Anonymousreply 62November 13, 2022 3:43 PM

Good god that’s an ugly man.

by Anonymousreply 63November 13, 2022 3:45 PM

r63 But he looks better than Caroline..

by Anonymousreply 64November 13, 2022 3:54 PM

I'm so sad. I've always looked to Gisele Bundchen for financial mentoring.

by Anonymousreply 65November 13, 2022 3:59 PM

They just keep falling for the grift, over and over again. A hilarious rundown of selfish stupidity:

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by Anonymousreply 66November 13, 2022 4:10 PM

R60, that is PERFECT.

by Anonymousreply 67November 13, 2022 6:07 PM

Binance did really take them out. After the first document leak in early November, they first said they will divest in open market (instead of having FTX buy the mickey mouse money from them) , then they offered (non-binding) to buy FTX just to get a look at their records. Then they said nope afterwards once they got a look. SBF and Ellison are very well connected to Democrats and have been lobbying and donating huge amounts of money —- and they know the current SEC chair. Binance obviously has question marks on how they are doing what they are doing and forced the issue by wanting to look at their records and saw that FTX is basically nothing. So who leaked the first document? The China issue? Possible, but I think any competitor would have done the same as Binance did. The other members of the SBF gang of delusional nerds are not white hence brown.

by Anonymousreply 68November 13, 2022 6:13 PM

i cannot believe tom brady talked ftx financial advisor gisele bundchen in2 parking their $ there

by Anonymousreply 69November 14, 2022 4:09 AM

R68 FTX took themselves out with the Alameda transaction. No one else is responsible.

by Anonymousreply 70November 14, 2022 9:07 AM

Crypto is basically code as a currency. Like a row, or several rows, of letters and symbols and someone in charge claims it is worth something.

Our whole society is build on someone claiming to have authority and then points at some random thing and says "this is worth (insert financial money value)". When enough believe in the person's authority and what he says, it becomes common belief and people act accordingly.

by Anonymousreply 71November 14, 2022 9:33 AM

'A fool and his money are soon parted.'

by Anonymousreply 72November 14, 2022 11:33 AM

ITA R1. I'm sure he has money hid if he can get to a safe place to spend it. He is a case in point to not believe the media, they built him up and and grew his now soon not to exist company.

by Anonymousreply 73November 14, 2022 11:50 AM

Crypto is unregulated and volatile. Its true worth is ephemeral. Investing in it is risky. In other words, for most CFOs it's a total nightmare combination they've tried to stay far away from. (Most CFOs are unwilling to put it on the balance sheet.) Which has made the collapse of exchange FTX both a finance horror story—but also an 'I told you so' moment.

Last week, FTX, one of the largest cryptocurrency exchanges in the world once valued at $32 billion, and helmed by 30-year-old Sam Bankman-Fried, collapsed. Bankman-Fried filed for bankruptcy, and he stepped down as CEO. The 30-year-old was a crypto star, championing crypto on Capitol Hill and creating high-profile business partnerships. For example, in October, Visa announced a long-term global partnership with the company with plans to expand FTX account-linked Visa debit cards in 40 new countries.

“The situation with FTX is unfortunate and we are monitoring developments closely,” a Visa spokesperson told me via email. A “focus on security and trust remains paramount.” The company is working to put controls in place for the existing FTX.US Visa card program in the U.S., and plans for additional card programs with FTX in other countries are temporarily on hold. “The market uncertainty doesn’t change our view that digital currencies and underlying crypto technologies have great potential for the future of financial services,” the spokesperson said.

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by Anonymousreply 74November 14, 2022 12:24 PM

He’s fucking around on Twitter (1/5)

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by Anonymousreply 75November 15, 2022 5:16 AM

2/5 Har har

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by Anonymousreply 76November 15, 2022 5:18 AM

3/4 (not 5, sorry)

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by Anonymousreply 77November 15, 2022 5:19 AM

last one. Can u solve the puzzle? haha

glad he’s having such a fucking good time.

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by Anonymousreply 78November 15, 2022 5:21 AM

[quote] Sam Bankman-Fried’s $16 billion fortune evaporated in a week

Well that escalated quickly.

by Anonymousreply 79November 15, 2022 5:32 AM

Privileged kids like him are always protected, to some degree, by their family’s network.

by Anonymousreply 80November 15, 2022 9:08 AM

Yeah, he’s protected, no worries at all. His clients/customers, not so much.

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by Anonymousreply 81November 15, 2022 12:49 PM

Excellent timing.

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by Anonymousreply 82November 17, 2022 3:24 AM

Can anybody even imagine these gremlins having group sex?

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by Anonymousreply 83November 19, 2022 2:37 AM

Does he comb his hair or just go around with bed head everyday?

by Anonymousreply 84November 19, 2022 2:38 AM

The stupid bitch.

by Anonymousreply 85November 19, 2022 2:39 AM

I’m guessing his life insurance policy will be activated soon.

by Anonymousreply 86November 19, 2022 2:43 AM

I saw a few interviews with him. He didn't even bother to comb his hair. Doubt he took daily showers

by Anonymousreply 87November 19, 2022 2:57 AM

LOCK ‘IM UP!

by Anonymousreply 88November 19, 2022 3:04 AM

Bitcoin = beenie babies It’s not an ‘investment’, it’s a collectible.

by Anonymousreply 89November 19, 2022 12:14 PM

R87 Probably had the most expensive bidet toilet he could find, though - his ass was probably impressively clean.

by Anonymousreply 90November 23, 2022 3:08 AM

Invisible Crypto Money was always a pyramid scheme. An expert on CNBC said yesterday that investing in crypto is like buying smoke. On the upside, DL Villain Jason Dottley is threatening to sue another Crypto company. LoL

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by Anonymousreply 91November 23, 2022 3:47 AM

"Crypto is a great investment. I wish I would have thought of it"------Bernie M. from Manhattan.

by Anonymousreply 92November 23, 2022 3:55 AM

Someone made an obvious but essential point concerning this guy: if you are going to steal millions, the first thing you should do is get great plastic surgery. They can’t repossess your new nose, and a better-looking you will be more sympathetic to the jury if you are ever caught and put on trial.

by Anonymousreply 93December 3, 2022 2:20 AM

Bitch needs to shave his head.

by Anonymousreply 94December 3, 2022 3:06 AM

Well, he certainly can't make it on his looks. Maybe he can start an OnlyFans were he does cosplay about getting a real job.

by Anonymousreply 95December 4, 2022 4:59 AM
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