From financial ruin to jail time, here are the big billionaire downfalls that compete with Sam Bankman-Fried’s $17 billion FTX collapse.The world watched in shock last week as the floor fell out from under Sam Bankman-Fried. Over the course of just a few days, the 30-year-old founder and former CEO of cryptocurrency exchange FTX went from one of the 50 richest people in America and one of crypto’s most influential figures to the poster boy of the biggest crypto collapse to date. A skeptical report from Coindesk about the finances of FTX’s sister company, Alameda Research, kicked off the decline. The revelation that at least $5.8 billion of Alameda’s assets were tied to FTX’s native token, FTT, caused investors to frantically withdraw their funds from the exchange. Later reports from The Wall Street Journal and others alleged that Alameda Research used as much as $10 billion of customer funds from FTX to make its bets–something that is highly illegal. Bankman-Fried essentially admitted to trading using FTX customer assets in an exchange with a Vox reporter. Bankman-Fried’s estimated fortune went from $17 billion to less than $1 billion in days. Forbes figures now it might be closer to zero. Alameda Research, FTX and FTX U.S. filed for bankruptcy on Friday, November 11, and Bankman-Fried stepped down as CEO the same day. (SBF might have hidden away some cash from a stake he reportedly sold to investors or from $2.7 billion in loans he took from Alameda Research.) While the fallout from… Click below to read the full story from Forbes
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