No longer a billionaire, Sam Bankman-Fried says his net worth has dwindled to $100,000 (£80,000) following FTX's demise - and he admitted it has been a 'bad month'.
Vast sums of money have gone missing from the exchange, amid allegations that customer funds were mismanaged.
His co-founder Tara Mac Aulay left the business in 2018 in part because of"concerns over risk management and business ethics". Once settled in the Caribbean, Bankman-Fried - an avid gamer who was once accused of playing League of Legends during a business meeting - invested in a multimillion-dollar waterfront penthouse.
The advert showed David travelling through the ages and dismissing inventions including the wheel, the fork and the toilet - zooming to the present day, where he's told about FTX being a"safe and easy way to get into crypto". FTX had created its own token called FTT, which was designed to offer discounts and incentives to the exchange's customers. The total value of all the FTT tokens in circulation stood at £2.65bn - making it one of the biggest cryptocurrencies in the world.
It is estimated that about $6bn worth of withdrawal requests were made in three days, pushing FTX into a financial crisis. Things then went from bad to worse. Hours after the bankruptcy, worried customers were dealt another blow after FTX was hacked - with officials estimating that $600m was siphoned from the exchange.
The Financial Times also reported that as much as $8bn in customer funds has vanished from FTX - and now, the exchange's new management has been left picking up the pieces. A bankruptcy lawyer for FTX's new management later said Bankman-Fried had run the company as his"personal fiefdom" - and the business has suffered"one of the most abrupt and difficult collapses in the history of corporate America".
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