December 9, 2022

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The billionaire who caused the cryptocurrency market to crash has declared bankruptcy.  His Parents Bought Real Estate for $121 Million - Biznes Wprost

The billionaire who caused the cryptocurrency market to crash has declared bankruptcy. His Parents Bought Real Estate for $121 Million – Biznes Wprost


Sam Bankman Fried, that is, the person who caused the giant crash in the cryptocurrency market, is trying to save the melted assets. The young billionaire, who is responsible for developing one of the largest cryptocurrency exchanges FTX, was considered a genius until recently. But it soon became apparent that his fortune was built on very shaky foundations.

Billions of dollars that don’t exist

However, the picture collapsed like a house of cards when more information began to emerge that his company is mostly built from non-physically non-existent funds, and its capital is only purported to be mostly digital assets issued by closely related company FTX.

Information about a possible shortage of liquidity on the exchange caused a huge panic in the cryptocurrency market. He was greater than what happened after the fall that created him to the Kwon Luna cryptocurrency.

The family of the founder of FTX buys expensive real estate

According to Reuters, the founder of FTX is trying to save his assets. However, he does it in such a way that his money is not secured during the process of bankrupting the company from debt. According to the agency, Sam Bankman-Fried’s parents bought in the Bahamas, the country where the billionaire lives and where his company is registered, as many as 19 properties with a total value of $ 121 million. It should be noted, however, that this happened within the last two years, that is, not yet information about the financial problems of the stock exchange.

The home listing consisted mainly of luxury properties with private beaches. Among them are seven homes in the luxury resort of Albany, valued at $72 million.

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