Bloomberg Terminal changed its estimate of the value of FTX CEO Sam Bankman-Fried's fortune on Nov. 8 to $991 million, down from $16 billion the day before.
The reduced value that strips SBF of its billionaire status comes as FTX's stock ticker, FTT, fell more than 83% to just $2,67 from a daily high of $20,47.
A large percentage of Sam Bankman-Fried's wealth was tied to his business activities with both FTX and Alameda Research, which means that the decline in the price of FTT tokens directly affects his personal wealth as well.
The crypto community on Twitter did not stop commenting that SBF's decline offsets the losses of most retail investors in 2022.
Meanwhile, Bitcoin is trading at $18.177, down nearly 60% since the start of 2022. It's down around 75% from its record high of $69.000 in November 2021.
The US Department of Justice announced yesterday that it has seized $3,36 billion worth of stolen Bitcoins during a 2021 federal raid. at the residence of James Zhong, which has not been announced until now.
George is still wondering what he is doing here….
