<a href="https://www.cryptoknowmics.com/news/sam-bankman-fried-outlines-how-ftx-might-pursue-celsius-bid">Sam Bankman-Fried</a> (SBF), Chief Executive Officer of <a href="https://www.cryptoknowmics.com/news/ftx-rolling-out-v2-exchange-with-new-matching-engine-in-november">FTX</a>, has disappeared off the <a href="https://www.bloomberg.com/billionaires/">Billionaires Index of Bloomberg</a> after seeing an almost 94% decline in estimated net worth to $991.5 million in one day, which has led to its wipe-out. At one point, SBF had a high position in Bloomberg's wealth index, with a maximum estimated value of $26 billion. The cryptocurrency entrepreneur, however, is no longer included among the top 500.

According to a November 9 report from the site, if the sale of the FTX exchange to competitor <a href="https://www.cryptoknowmics.com/news/binance-to-liquidate-ftt-holdings-after-recent-disclosures">Binance</a> is approved, the personal wealth is probably to be smacked down.
<h2>SBF Share and Value</h2>
Bankman-Fried owned a 53% share in FTX, and its value before the news of Binance's acquisition was about $6.2 billion. He kept control of<a href="https://www.cryptoknowmics.com/news/alameda-research-to-repay-two-large-loans-denominated-in-bitcoin-and-ether"> Alameda Research</a> as well, bringing his total wealth to $7.4 billion.

According to the Bloomberg wealth index, the two businesses are worth just $1, which values them at $1, assuming that Bankman-Fried and current investors would lose everything due to the Binance acquisition. As a result, the value of SBF has decreased from $15.6 billion on November 8 to about $1 billion, marking the biggest one-day wiper-out amongst billionaires monitored by Bloomberg.
<h2>Crypto.com and Genesis Trading Disassociation</h2>
After the SBF wipe-out, wallet provider<a href="https://www.cryptoknowmics.com/news/arcade2earn-closes-3-2-mn-seed-fundraising-round-led-by-crypto-com"> Crypto.com</a> and cryptocurrency trading, and loan firm <a href="https://www.cryptoknowmics.com/news/genesis-loan-originations-tanks-79-during-crypto-winter">Genesis Trading</a> disassociated themselves from the FTX liquidity problem.

[embed]https://twitter.com/GenesisTrading/status/1590106896698028032?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1590106896698028032%7Ctwgr%5E2e47e80263b9a9fd9773fb55040d8e26c142320d%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.cryptoknowmics.com%2Fnews%2Fwp-admin%2Fpost.php%3Fpost%3D249254action%3Dedit[/embed]

The two businesses used Twitter to reassure clients of their modest exposure to the incidents that drove the <a href="https://www.cryptoknowmics.com/news/cftc-strikes-order-against-fraudulent-cryptocurrency-arbitrage-company">cryptocurrency</a> market into a frenzy.

SBF No Longer a Billionaire After $14.6B Overnight Wipe-out

SBF has disappeared off the Billionaires Index of Bloomberg after seeing an almost 94% wipe-out in estimated net worth to $991.5 million in one day.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

SBF No Longer a Billionaire After $14.6B Overnight Wipe-out

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