He became a millionaire. The crypto business collapsed. FTX CEO Sam Bankman Freud has gone from being a millionaire overnight. In just 24 hours, his wealth dropped by 96 per cent. People have now questioned the status of cryptocurrencies.

Currently, cryptocurrency or digital money is spreading all over the world. But there is a glaring example of how unstable and terrible it is. FTX, one of the world’s largest crypta exchanges, has gone bankrupt, dreaming of making huge profits by investing in crypto. At the same time, its founder and popular face of the crypto world, Sam Bankman, has become kangal. Sam Bankman, who once owned $2,600 or Rs 1,31,200 crore, has nothing to say now. This is the first time in the history of the world that such a disaster has been seen.

With the rise in the price of popular cryptocurrencies such as Bitcoin, Freud’s wealth increased very rapidly. He has gone into a tizzy after bitcoin prices plummeted. The large gap in bitcoin prices in asia and the US markets gave Freud the most profits. After the crypto market weakened, the earnings of Fried’s company FTX contracted. The situation was such that it was not possible to run the company. In order to save the company in some way, Freud tried to sell his rival company, Binance. The Binans agreed to that as well. But when it started a fair assessment of FTX, it was found that there was nothing likely in the company. After this, Binans withdrew from the agreement. Finding no other way out, Freud has started efforts to declare FTX bankrupt. He has also applied for the same under the law in the US. He has disappeared after resigning from the post of CEO of the company. In a series of tweets, Freud denied reports that he had left the country for Argentina. I am in the Bahamas now,” he said. The fall of FTX in the US is being compared to the fall of Lehman Brothers and N Runs that have happened in the past. It is not yet clear what the future of investors who have invested in FTX is.

Sam Bankman Fried is a 30-year-old man from america. He was the son of a professor at Stanford University. Phaed, who studied in institutions like MIT, was a well-known face in the world of cryptocracy or digital currency. He was being compared to prominent investor Warren Buffett in the US for owning huge assets in a short span of time. Fried, who likes to wear a T-shirt with curly hair, was so much talked about that on some platforms he got a chance to sit with former US President Bill Clinton, former British Prime Minister Tony Blair. He was also donating a lot of it as he had huge wealth. He was called one of america’s most generous people. The difference between Asia and the UNITED States in the price of bitcoin, the world’s most talked-about cryptocurrency, gave him the biggest benefit. He first formed Alameda Research, a company that provides crypto transaction facilities, in 2017 and a year later, along with a friend, he formed the crypto exchange FTX. FTX started losing its sheen after bitcoin prices fell to a two-year low.