Cryptonews Sam Bankman-Fried is out of the cryptocurrency exchange he founded and built into a powerhouse in just three years 🚨
Sam Bankman-Fried has resigned as CEO of FTX, the cryptocurrency exchange he built into one of the largest in the world in just three years as it and its U.S. counterpart are forced into bankruptcy.
Along with FTX and FTX US, Bankman-Fried’s trading firm Alameda Research has also declared bankruptcy in the wake of reports that the second-largest global exchange loaned it as much as $10 billion, including customer funds that may not be recovered. It is a remarkably steep and fast fall for Bankman-Fried, who had made himself into the bushy-haired face of the crypto industry, both publicly and in Washington, D.C., where he led a lobbying blitz that, along with a promised $100 million in election campaign spending and fortune once estimated to be as large as $32 billion, made him one of its highest-profile figures.
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