FTX Sam Bankman-Fried Live Updates: The Tragic FTX Saga And Fall Of Sam Bankman-Fried

FTX Sam Bankman-Fried Live Updates and Latest News: 

Samuel Bankman-Fried, popularly known as SBF is the co-founder and former CEO of the Bahamas-based exchange FTX. FTX was one of the leading exchanges in the Crypto world. Its native token FTT started facing a crisis in mid-2022. It filed for bankruptcy in the United States in November, 2022. 
At the peak of his life, his net worth was estimated to be $26 billion. In the month of October, this year he estimated wealth was at $10.5 billion. Amid the FTX crisis his wealth dropped by 94% in a day bringing him down to $991.5 million. 
He donated huge sums of money to Democratic Party candidates in the U.S. 


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Sam Bankman-Fried issues an apology in a memo to employees
SBF issued a memo to FTX’s current and formal employees in which he says sorry multiple times. From the memo, it’s clear that Sam Bankman-Fried has sent the memo to express his apology and his regret for resigning. He further mentions that his employees were his family and communicating with them about what was happening was his responsibility. He explains in the memo, what led to the situation of collapsing the company. 
This memo is his first detailed explanation about what happened and the lengthiest apology he has ever issued. 

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Expensive purchase surrounding FTX
The official property records show the parents of Sam Bankman-Fried and senior executives at FTX have bought property worth $121 million in the past 2 years across the Bahamas. This purchase consists of expensive homes having private beaches, condominiums in luxury resorts, etc. As claimed, these purchases were made by FTX to provide residence to its key personnel.
One other document shows his parents sign on a property facing the beach in Old Fort Bay, which was home to a British colonial fort in the 1700s. 

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About Author

Shourya is a crypto fanatic who has developed interest in Business Journalism in the past few years. Currently, working as a writer with Coingape, Shourya is also an avid reader. Apart from writing, you can find her attending poetry shows, exploring cafes and watching cricket. As she says, “dogs are my home,” her first rescue of a dog was at the age of 7! She has constantly been speaking up for mental health and the rainbow pride.

This article has been originally published at: https://coingape.com/ftx-sam-bankman-fried-live-updates-the-tragic-ftx-saga-and-fall-of-sam-bankman-fried/