A few weeks ago, Sam Bankman Fried was considered the crypto version of the legend of the financial sector, John Pierpont Morgan, who more than a century ago founded the Wall Street giant and the largest American bank, “JP Morgan”, as some placed the loro is betting on him in terms of wealth size and his success in Save the Cryptocurrency Industry which has seen a series of cascading slumps.
Losing $15 billion a day
But Bankman lost about $15 billion of his fortune in one day, and within days it became clear that Bankman Fried and his company, FTX, were in the midst of a cash crunch and needed a bailout.
Though the head of cryptocurrency exchange FTX, Sam Bankman-Fried, said he was still in the Bahamas, overnight rumors circulated that the former CEO of now bankrupt cryptocurrency exchange FTX had fled in South America. However, according to Reuters, Pinkman Fried confirmed that he resides in the Bahamas since he moved his entire residence there last year.
noisy life
In addition, a photo-backed report revealed to the ‘New York Post’. New York Post About the tumultuous life Pinkman lives with his nine friends in a resort in the Bahamas, where they use drugs, swap girlfriends and periodically throw wild parties.
The report indicated that the resort where the bankrupt billionaire resides includes a golf course and luxury yachts, pointing out that Pinkman and his friends were taking drugs and engaging in scandalous acts.
While Pinkman didn’t stop playing video games when the company went bankrupt.
drugs
One of the wealthy spoke to the paper about the details of the life Pinkman and his friends live, saying, “They were walking around the resort in inappropriate clothes,” noting that their lives centered around “drugs and group sex.” “
She also said they smelled so bad you say they “haven’t showered in a week,” noting that the resort’s elegant restaurant has been converted into a “coffee shop.”
According to the report, Pinkman was taking a drug called EMSAM, which is a methamphetamine derivative used to treat Parkinson’s disease, noting that he suffered from side effects from taking this drug.
Wealth destruction event
Interestingly, the private cryptocurrency emperor went from billionaire to bankrupt in just a matter of days, according to Bloomberg’s net worth calculations, Bankman-Fried’s wealth totaled approximately $16 billion in the first week of this month.
But with the collapse of its cryptocurrency exchange, FTX, the value of its assets plummeted to zero in what Bloomberg called “one of the biggest wealth destruction incidents in history”.
Largely tied to digital assets, the 30-year-old entrepreneur’s net worth peaked at about $26 billion this spring.
It owned about 70% of FTX’s US assets, which the index now estimates to be essentially worthless.
