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Sam Bankman-Fried went from being the “King of Cryptocurrency” to having his company file for bankruptcy and resigning as CEO in under eight days.
In addition, he could face federal investigation over how he managed the company’s finances.
Extensive interviews with him have flooded the internet in recent years. In interviews she spoke in video chat from his desk in the Bahamas. Some of them contain an eerie clicking sound.
As the press listens intently to his incredible story of how he became a millionaire in just five years, the rattle of the entrepreneur’s mouse keeps repeating.
“Click, click, click,” it goes repeating outbursts while Bankman-Fried’s eyes stare at the screen.
His video doesn’t show what he does on his computer. But his tweet provides a clue.
“I’m (in) famous for playing League of Legends while on phone calls,” he said on Twitter in February 2021.
Bankman-Fried is the former boss of the falling cryptocurrency exchange FTX. Moreover, he is a game enthusiast. He explained why in numerous tweets to his nearly one million followers.
Gaming was a way to free him from running two companies trading billions of dollars a day.
“Some people drink too much, some gamble. I play a League,” he stated.
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FTX Investment Call
Another story resurfaced online this week that he’s been playing fantasy battles for teams, following news that his cryptocurrency empire had collapsed.
Per a blog post from venture capital firm Sequoia Capital, Bankman-Fried played a fierce League of Legends battle in a video call with their investment team.
However, it didn’t appear to be an issue at all. The group invested $210 million in Bankman-Fried’s firm FTX.
After the news broke, Sequoia Capital erased that blog post and said it is currently writing off its investment as a loss.
But the firm doesn’t stand alone in this dilemma of heart-stopping investment loss since Bankman-Fried’s $32-billion empire fell down. FTX possessed approximately 1.2 million registered users who used the exchange to purchase cryptocurrency tokens like Bitcoin and more.
Several FTX investors, from massive traders to daily crypto enthusiasts, wonder whether they’ll ever recover their savings from the exchange’s digital wallets.
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Bankman-Fried Story
It’s a heart-stopping collapse. And the journey of Bankman-Fried to the top is also its own story of twists – risks, rewards, and beanbags.
The multibillionaire attended the Massachusetts Institute of Technology (MIT), where he studied math and physics. The school is a distinguished US research university.
However, the young, intelligent undergraduate states that the lessons acquired in the student forms contributed to his path to riches.
Bankman-Fried said in an interview with BBC radio last month that he recounted being dragged into the “effective altruism” movement. Effective Altruism is a group of individuals “trying to figure out what practical things you can do with your life to have as much positive impact as you can on the world,” he added.
Therefore, he decided to dig into banking to make money and give it back in greater initiatives.
Furthermore, he learned to trade stocks on temporary work at the trading company Jane Street in New York. After a while, he got bored and went on to experiment with Bitcoin.
That’s where everything started.
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