Cointime

Cointime

Download App
iOS & Android

SBF Tumbles off Bloomberg’s Billionaire Index After Trouble at FTX

Validated Individual Expert

Crypto billionaire Sam Bankman-Fried may not be able to claim the “billionaire” accolade anymore after an estimated 94% plummet in his personal wealth overnight, according to the Bloomberg Billionaires Index.

Bankman-Fried was once a high rider in Bloomberg’s wealth index, with an estimated net worth of $26 billion at his peak. However, the crypto entrepreneur is now no longer appears in the top 500.

On Nov. 9, the outlet reported that his personal fortune is “likely” to be “eviscerated” should the sale of his FTX exchange to rival Binance go through. 

Before the Binance takeover announcement, Bankman-Fried’s 53% stake in FTX was worth around $6.2 billion. He also maintained ownership of Alameda Research, adding a further $7.4 billion to his personal fortune.

The Bloomberg wealth index assumes that Bankman-Fried and existing investors will be wiped out by the Binance takeover, and values the two companies at just $1.

This means that Bankman-Fried is now worth around $1 billion, down from $15.6 billion on Nov. 8  in the “biggest one-day collapse ever among billionaires tracked by Bloomberg.”

Details on the takeover have not been divulged yet, but it does not include the United States arm of the exchange, FTX.US. The American-only exchange was valued at around $8 billion earlier this year.

The agreement between the exchanges so far is only a non-binding letter of intent which Binance is able “to pull out from [...] at any time,” according to Bankman-Fried.

On Nov. 8, Zhao posted his “two big lessons” from the latest crypto debacle. The first was never using a token that the exchange has created as collateral. Secondly, crypto businesses should not borrow or use capital “efficiently” but have a large reserve instead.

FTX Token, the exchange’s native token at the epicenter of this latest crypto contagion, has tanked a whopping 75% over the past 12 hours. The collapsed FTT token was trading at $4.86 at the time of writing, down 94% from its September 2021 peak of $84.18.

Crypto
Comments

All Comments

Recommended for you

  • Three U.S. Carrier Strike Groups May Deploy Simultaneously in the Middle East

    On April 21, according to CCTV, the U.S. military is expected to deploy three carrier strike groups simultaneously in the Middle East in the coming days. Currently, the USS Lincoln strike group is stationed in the Gulf of Oman, near the Strait of Hormuz, participating in maritime blockade operations; the USS Ford strike group is located in the northern Red Sea; and the USS Bush strike group, which is taking a route around Africa, is heading north from the southeast of Africa and is expected to enter the Arabian Sea—this carrier may replace the USS Ford in its mission. In the short term, the U.S. military may have three aircraft carriers in the Middle East.

  • BTC Surpasses $76,000

    Market data shows that BTC has surpassed $76,000, currently priced at $76,039.83, with a 24-hour increase of 1.67%. The market is highly volatile, so please ensure proper risk management.

  • Trump: Bombs Will Explode if Ceasefire Agreement Expires

    On April 20, according to PBS, U.S. President Trump stated on Monday that if the ceasefire agreement with Iran expires on Tuesday, there will be a large number of bombs exploding. Trump made this remark during a call with White House reporter Liz Landers, focusing on the issue of the Iran war, while a U.S. delegation was preparing for further peace negotiations. When asked whether Iran would still participate in the talks scheduled to take place in Islamabad, Trump replied, "I don't know. I mean, they should show up. It's arranged. We'll see if they come. If they don't, that's fine too." When asked about his expectations for the negotiations, Trump stated, "Very simple, Iran absolutely cannot have nuclear weapons."

  • U.S. Vice President Vance and Delegation to Arrive in Islamabad Today

    On April 20, according to the New York Post: U.S. Vice President Vance and the American delegation will arrive in Islamabad today.

  • BitMine Increases ETH Holdings by Over 100,000, Total Holdings Exceed 4.97 Million ETH

    As of April 19, Eastern Time, BitMine's total cryptocurrency and cash holdings, including the 'Moon Landing Plan,' amount to $12.9 billion. BitMine holds 4,976,485 ETH (an increase of 101,627 ETH from last week), which represents 4.12% of the total Ethereum supply of 120.7 million ETH. Additionally, it holds 199 BTC, shares in Beast Industries worth $200 million, $107 million in Eightco Holdings (NASDAQ: ORBS), and $1.12 billion in unsecured cash. As of April 20, 2026, the total amount of staked ETH by BitMine is 3,334,637 ETH, valued at $7.7 billion based on a price of $2,301 per ETH.

  • Strategy Acquires 34,164 Bitcoins for $2.54 Billion Last Week

    On April 20, Strategy purchased 34,164 Bitcoins last week for a total of approximately $2.54 billion, at a unit price of about $74,395, achieving a 9.5% return on Bitcoin from 2026 to date. As of April 19, 2026, Strategy holds a total of 815,061 Bitcoins, valued at approximately $61.56 billion, with a unit price of about $75,527.

  • Binance Wallet to Launch 46th TGE Project OpenGradient (OPG)

    On April 20, Binance Wallet will launch the 46th exclusive TGE project OpenGradient (OPG). The subscription period is from April 21, 17:00 to 19:00 (UTC+8), and users must participate using Binance Alpha Points and meet the corresponding qualifications. According to the official announcement, OPG tokens will be available for collection and trading starting at 19:00 (UTC+8) on the same day. Additionally, 23,000,000 OPG tokens are reserved for future activities, with specific rules to be announced later.

  • CoinShares: $1.4 Billion Inflows into Digital Asset Investment Products Last Week

    On April 20, CoinShares reported that inflows into digital asset investment products reached $1.4 billion last week, marking the highest weekly inflow since January and achieving positive growth for the third consecutive week. Bitcoin saw inflows of $1.116 billion, bringing the total inflows for the year to $3.1 billion. The price of Bitcoin has surpassed the $76,000 mark, indicating a significant technical breakthrough after two months of range-bound trading. In contrast, inflows into Bitcoin short products were only $1.4 million, suggesting that while there is still hedging demand, it remains limited. Ethereum attracted $328 million in inflows, the strongest week since January, bringing its total inflows for the year to $197 million, while XRP and Solana recorded outflows of $56 million and $2.3 million, respectively.

  • Sources: Bank of Japan Unlikely to Raise Interest Rates in April Meeting

    On April 20, sources familiar with the Bank of Japan's thinking revealed that the central bank is unlikely to raise interest rates next week. The diminishing hope for a swift end to the Middle East conflict has left Japan's economic and price outlook fraught with uncertainty. Although the final decision still carries some uncertainty and will depend on the progress of peace negotiations between the U.S. and Iran, the sources indicated that the bank prefers to maintain the status quo this month to allow more time to assess the impact of the conflict. One source stated, 'Given the current level of uncertainty, the Bank of Japan may consider it feasible to hold steady this month.' Another source echoed this sentiment. A third source noted that the Bank of Japan is unlikely to raise rates, as the market has already fully priced in the possibility of no rate hike this month. These sources mentioned that even if the Bank of Japan keeps rates unchanged next week, it is likely to signal readiness to raise rates as early as June, given the escalating inflationary pressures.

  • Hong Kong SFC Announces New Regulatory Framework for Trading Tokenized Investment Products in Secondary Market

    On April 20, the Hong Kong Securities and Futures Commission (SFC) announced a new regulatory framework to promote the trading of tokenized investment products recognized by the SFC in the secondary market, aiming to enhance digital asset trading activities in Hong Kong and support the further development of the ecosystem. The first batch of products is expected to primarily consist of tokenized money market funds. The SFC will review the operation of these products and will consider expanding the range of products in due course.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company