Sam Bankman-Fried, CEO of the FTX crypto exchange and a very popular figure in the crypto community, has lost nearly 94% of his total wealth. FTX was having liquidity problems, so Binance stepped in to acquire the struggling exchange. The Bloomberg Billionaires Index assumes that existing FTX investors — including Bankman-Fried — will lose all their money in the Binance bailout.
As of this writing, it’s unclear whether Binance will go through with the takeover. But the crypto market is already having a meltdown as a result.
Meanwhile, the LA Blockchain Summit concluded last week. Our own Vin Narayanan attended the summit and learned some fascinating new things.
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In this episode of The Early Investing Podcast, Vin and Allison Brickell discuss FTX’s struggles, artists’ interest in NFTs, blockchain’s ability to transform business models and more.
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