The crypto market has just witnessed the demise of FTX’s native cryptocurrency, FTT. The net worth of Sam Bankman Fried (SBF) decreased by 79 percent everyday along with the asset recording.
According to recent sources, SBF, the CEO of FTX, was no longer regarded as a billionaire due to a decline in his net worth. It was stated that SBF’s net worth dropped from a high of $16 billion to a low of $991 million in just one day.
JUST IN: FTX CEO Sam Bankman-Fried's net worth falls $14.6 billion in the past 24 hours to $991M.
— Watcher.Guru (@WatcherGuru) November 8, 2022
The demise of FTT was harmful because SBF’s success was closely linked to FTX and Alameda Research. It consequently put pressure on his billionaire status.
After Binance’s CZ brazenly implied that the exchange might liquidate all of its FTT holdings, things started to go awry. As soon as this announcement was made, the token was heavily pressured to sell. Of the $500 million FTT reserve, the exchange had barely liquidated a portion of it. In spite of this, FTT saw a large reduction.
In the midst of this, Binance announced that it will buy the floundering cryptocurrency exchange FTX in a whole different turn of events. Following this, many people pointed out how Binance turned out to be FTX’s saving grace, which was thought to be on the edge of going bankrupt.
The FTT token holds onto $5.
The FTT token was spotted battling hard to stay above $5 at the time of publication. The asset was down 74.30 percent on the day, trading at $5.02. Notably, the token dropped from a high of $19.51 to a low of $3.15 over the previous 24 hours.
The asset’s market value was also stated to be $709.76 million.
