“King of Crypto” Sam Bankman-Fried’s Billion-Dollar Crypto Exchange Comes to an End

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Sam Bankman-Fried went from being dubbed the “King of Crypto” to having his company declare bankruptcy and stepping down as CEO while under federal investigation for how he managed the company’s finances in less than eight days.

The former CEO of the troubled cryptocurrency exchange FTX enjoys playing video games that helped him relax after a day of managing two businesses that traded billions of dollars.

“Some people drink too much; some gamble. I play League,” he said in a tweet.

Another gaming-related incident has surfaced online after the 30-year-bitcoin old’s empire abruptly ended this week.

The so-called “Crypto Winter” is in full force as cryptocurrency prices continue to decline in 2022. While other businesses in the sector were struggling, Mr Bankman-Fried was able to help the company by disbursing bailout money worth hundreds of millions of dollars.

“It will not be good long-term if we have real pain and blowouts. And it’s not fair to customers,” he said on CNBC when asked why he was trying to save failed crypto firms.

In the same interview, he also stated that he had $2 billion in reserve that he might use to support faltering cryptocurrency businesses.

But the previous week, he was canvassing the same sector to gather money to save his own company.

A few days later, Binance, FTX’s biggest rival, publicly sold off all of its crypto tokens connected to FTX.

Changpeng Zhao, the CEO of Binance, announced to his 7.5 million followers that his company would be liquidating its shares “in light of recent revelations.”

Panicked customers started withdrawing billions of dollars from the cryptocurrency exchange and eventually stopped as Mr Bankman-Fried tried to secure a bailout.

However, FTX was declared bankrupt on the following day.

In several tweets, Mr Bankman-Fried expressed regret, writing: “I’m sorry, again, that we ended up here.”

The crypto world was and remained the same. Many people are asking what could fall next if FTX can go along with its talismanic leader, Bitcoin, which has dropped to a two-year low in pricing.

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