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Factbox: Sam Bankman-Fried: The crypto magnate whose empire came crashing down

Nov 11 (Reuters) – Sam Bankman-Fried on Friday resigned from his function as president of FTX and the crypto exchange stated it will start personal bankruptcy procedures in the United States, topping off a troubled week for the market.

Following are some truths about the co-founder and previous CEO:

EDUCATION AND VENTURES BEFORE FTX

Born in 1992, Sam Bankman-Fried matured in California. As a high school trainee, he went to the Canada/USA Mathcamp, a summertime program for mathematically skilled trainees that likewise counts his future service partner Gary Wang amongst its alumni.

Bankman-Fried later finished from the Massachusetts Institute of Technology (MIT) with a degree in physics. He traded currencies, futures and exchange-traded funds for Jane Street Capital.

After a more than three-year stint at the New York-based company, he transferred to crypto trading and established Alameda Research in2017 Trading significant cryptocurrencies, the business likewise messed around in other digital property items and their derivatives.

FOUNDING OF FTX

More than a year and a half after beginning Alameda, Bankman-Fried partnered with Gary Wang, a previous software application engineer at Google and a fellow MIT graduate, to begin FTX. The business provided trading on crypto tokens and derivatives, while likewise taking pride in a robust danger management system. Bankman-Fried, typically described by his initials SBF, brought Binance on board as FTX’s very first financier.

Bankman-Fried was based in Hong Kong, where his business was headquartered previously. In 2015, he transferred to the Bahamas when FTX chose to move its head office to the island chain country.

WEALTH

Before the FTX collapse erased the majority of SBF’s wealth, he was among the wealthiest individuals in the digital property market. Forbes approximates his net worth to have actually peaked at $265 billion amidst a wave of institutional adoption that pumped up crypto costs to tape-record highs in 2015.

After a liquidity crisis at his business, his net worth is now reported to be around $991 million.

Data launched ahead of the U.S. midterm elections revealed he was the sixth-largest political donor, having actually contributed $398 million with the huge bulk going to assist Democrats.

CELEBRITY INTEREST

National Football League quarterback Tom Brady and supermodel Gisele Bundchen took stakes in FTX in 2015. The business likewise signed NBA star Steph Curry as an ambassador.

In February, pop star Katy Perry published on Instagram, “im stopping music and ending up being an intern for @ftx_official ok”, apparently after a chat with SBF the day in the past.

Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.

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