FTX crypto boss dubbed 'next Warren Buffet' loses $16bn fortune | indy100

Cryptocurrency Exchange FTX Teeters Near Bankruptcy

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Cryptocurrency giant FTX announced on Friday it had filed for Chapter 11 bankruptcy and their CEO who was dubbed "the next Warren Buffet" just weeks ago would be stepping down.

The announcement comes as a shock as FTX has been considered the "gold standard" of cryptocurrency exchanges. The company spent millions marketing itself as a reliable exchange.

FTX commercials have featured celebrities like Larry David and Tom Brady.

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30-year-old founder and CEO, Sam Bankman-Fried, known by his initials as SBF, was dubbed "the next Warren Buffet" for building a crypto exchange empire.

Before this week, Bankman-Fried's net worth was worth more than $15 billion, but by Friday he was valued at zero, according to Bloomberg.

"I'm really sorry, again, that we ended up here," he tweeted on Friday.

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— CRG (@CRG) 1668176130

FTX's collapse is the latest crypto company to experience hardships since the cryptocurrency crash earlier this year.

Although it is one of the least expected given Bankman-Fried's confidence.

\u201cFrom the cover of Fortune to Chapter 11 bankruptcy in 3 months flat\n\nSam Bankman-Fried is out as CEO of FTX Group and his $16 B fortune wiped out\n\nSo no, he probably isn't the next Warren Buffett\u201d
— JeannieLee@CBC (@JeannieLee@CBC) 1668178806

\u201cSBF... a wolf in sheeps clothing. Can't seem to get over this feeling. Disappointed. Disgusted. Shocked. Nine years in this space and I'm not sure I've felt the way I do today. \nHe lobbied politicians, hired celebrities, promoted by the media as the next Buffet. Deserves prison\u201d
— Felipe (@Felipe) 1667999749

FTX said Bankman-Fried resigned but would remain at the company to assist with the transition as John J Ray III takes over.

Bankman-Fried told followers he would provide a more in-depth statement, "soon".

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