Just weeks ago, Sam Bankman Fried was considered the crypto version of the legend of the financial sector, John Pierpont Morgan, who founded the Wall Street giant and the largest American bank, “JP Morgan” more than a century ago, as some placed their bets on him in terms of the size of wealth, and his success in Rescue the crypto industry that has seen a series of cascading collapses.
Losing 15 billion dollars a day
But Bankman lost about $15 billion of his fortune in one day, and within days, it became clear that Bankman Fried and his company, FTX, were in the midst of a liquidity crisis and needed a bailout.
Although the head of collapsed cryptocurrency exchange FTX, Sam Bankman-Fried said he was still in the Bahamas, rumors swirled overnight that the former CEO of the now-bankrupt cryptocurrency exchange FTX had fled to South America. However, Pinkman Fried confirmed that he has resided in the Bahamas since moving his entire residence there last year, according to Reuters.
In addition, a photo-supported report of the New York Post revealed the tumultuous life that Pinkman lives with his nine friends at a resort in the Bahamas, where they use drugs, exchange girlfriends, and hold loud parties periodically.
The report indicated that the resort where the bankrupt billionaire resides includes a golf course and luxury yachts, stressing that Pinkman and his friends were taking drugs and practicing scandalous acts.
While Pinkman did not stop playing video games by the time the company collapsed.
One of the rich people spoke to the newspaper about the details of the life that Pinkman and his friends live in, saying: “They were walking around the resort in inappropriate clothes,” stressing that their lives were focused on “drugs and group sex.”
He also said that they smelled so bad that you say they “have not showered in a week,” noting that the elegant restaurant in the resort has been converted into a “cafeteria”.
According to the report, Pinkman was taking a drug called EMSAM, which is a methamphetamine derivative used to treat Parkinson’s disease, pointing out that he was suffering from side effects from taking this drug.
Wealth destruction event
It is noteworthy that the private cryptocurrency emperor turned from a billionaire to bankrupt within days, according to Bloomberg’s net worth calculations, Bankman-Fried’s wealth amounted to about $ 16 billion in the first week of this month.
But with the collapse of his cryptocurrency exchange, FTX, the value of his assets plummeted to zero in what Bloomberg called “one of the largest wealth destruction incidents in history.”
Largely tied to digital assets, the 30-year-old entrepreneur’s net worth peaked at around $26 billion this spring.
He owned about 70% of FTX’s US business, which the index now estimates is essentially worthless.