Crypto Tycoon Sam Bankman loses 94% of his wealth in single day

New Delhi: Crypto Tycoon, Sam Bankman, who is known for providing financial aid to those struggling with funds in the industry, is now in need of assistance himself.

With a net worth of $15 Billion, Bankman started his week in the billion-dollar club but in a matter of days, after a collapse in the crypto exchange, he found himself out of the club.

Bankman had found a crypto exchange company called FTX which was his most valuable asset.

The Bloomberg Index made an assumption that if FTX and Alameda are bailed out by Binance, they will instantly lose all of their value, along with Bankman and all other investors in the exchange.

Moreover, Binance gave an update saying that it would pull out of the deal.

Thereby leaving Bankman’s net worth at around $1 billion. Leading to the largest one-day loss by a person monitored by the index, a 94% collapse.