![]() ![]() Īnd when the crypto industry stumbled earlier this year, he very publicly stepped in to "bail out" insolvent firms like Voyager Digital and BlockFi who had exposure to Terra’s UST and LUNA. He also said he might spend up to $1 billion on political donations in the run-up to the 2024 Presidential election, but eventually backtracked from that claim. He celebrated his success by palling around onstage with Brady and model Gisele Bündchen, then Brady’s wife, at FTX’s own Crypto Bahamas conference, which also featured the likes of Bill Clinton and Tony Blair.īankman-Fried subscribes to the theory of effective altruism, essentially attempting to earn as much as he could through FTX and crypto trading to eventually give it all away and benefit the world. SBF’s net worth and celebrity both surged along the way, and before long he was estimated to have a $26 billion fortune. FTX was valued at $32 billion as of its most recent raise in January. That doesn’t include fundraising for FTX US, a separate exchange serving the United States. FTX’s Super Bowl commercial this year starring comedian Larry David only furthered that push.Īlong the way, the firm raised vast troves of cash from investors: a $1 billion Series B in July 2021, another $421 million in October 2021, and $400 million more this past January. Star athletes like Tom Brady, Steph Curry, and Naomi Osaka joined up, appearing in FTX commercials and endorsing crypto to an increasingly wide audience. ![]() In a matter of months, FTX had sponsored the Miami Heat’s arena in a 19-year, $135-million deal, as well as esports club Team SoloMid in a 10-year, $210-million pact. His profile started to rise in 2020, as he was touted as a “ crypto savior ” for helping SushiSwap after the founder of that decentralized exchange (DEX) bolted and left the community in the lurch.įTX grew gradually into early 2021, but its profile and trading volume accelerated significantly as the company began courting the mainstream through sports and celebrity alliances. The riseīankman-Fried founded Alameda in 2017, profiting greatly from arbitrage trading strategies before establishing FTX in 2019. SBF resigned as CEO today alongside news of the filing. The exchange is alleged to have used customer funds to cover losses at SBF’s trading firm Alameda Research, before suffering a liquidity crunch this week as users withdrew funds and sent the value of FTX’s FTT token crashing. FTX is believed to have a several-billion-dollar hole in its balance sheet. ![]()
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