FTX Exchange Files for Bankruptcy: What Was Its Value Before and What Is It Now?

Sam Bankman-Fried has not only watched his crypto trading platform FTX collapse within a few days but also endured one of the largest financial losses in history. It seems that SBF lost most of his fortune after becoming one of the richest people in the world. According to Bloomberg, the 30-year-old investor's net worth was $16 billion, which is now virtually worthless following FTX's collapse.

Bankman-Fried became one of the most notable figures in the crypto community and had a portfolio of companies that included FTX and Alameda Research. SBF also held shares in several cryptocurrency firms, including Robinhood. Both FTX and Alameda have gone bankrupt, their assets have been seized, and authorities have revoked their licenses.

FTX has filed for Chapter 11 bankruptcy. On November 11, Bankman-Fried announced his resignation. The events of the last few days have cast a shadow of doubt over FTX and the broader crypto community. According to Bloomberg, Alameda has lost all its value, and FTX International has met the same fate.

SBF owned 70% of FTX US. However, the company is now worth only $1. Despite initial claims that FTX US would not be affected, the platform is shutting down and asking customers to close all open positions.