Per Bloomberg
Sam Bankman-Fried is now behind bars in the Bahamas after being denied bail. He was recently removed from the Giving Pledge, a group of billionaires that promised to give their fortunes away.
The FTX founder is now behind bars in the Bahamas, and towards the end of November, SBF claimed his bank account only had $100K left per NY Post. He also said that everything he had was tied to the now-bankrupt crypto platform in a statement to Axios.
SBF: “It’s complicated. Basically everything I had was just tied up in the company,”
Just a month before the collapse, SBF's estimated net worth was at $16 billion and at one point peaked at $26 billion, but after the collapse, the FTX US branch was valued at just $1 by Bloomberg. The founder of the now-bankrupt crypto company owned 70% of FTX US, which hit $8 billion in a fundraising round in January.
The 30-year-old founder once promised to donate his money to charity and became a part of the Giving Pledge, a group of billionaires that promised to give their fortune away.
SBF even set up the FTX Future Fund earlier in 2022 with a team that already gave individuals and organizations in the altruism space $100 million in grants. While the amount has already been paid off, SBF still promised a lot in terms of grants that have yet to be paid.
There is another $90 million that exists in promised grants but are now dangling as FTX, and over 100 related entities all filed for bankruptcy. It remains unknown if these grants are fulfilled as the company behind it filed for Chapter 11 bankruptcy.
While the Giving Pledge has effectively removed SBF from its website, here is his initial Giving Pledge letter.
“A while ago I became convinced that our duty was to do the most we could for the long run aggregate utility of the world... In this world, I’m honored to be able to support their work.”
Resources:
See flow at unusualwhales.com/flow.
