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The eccentric 9 times billionaire of the cryptocurrency market

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The eccentric 9 times billionaire of the cryptocurrency market

The eccentric 9 times billionaire of the cryptocurrency market

In the cryptocurrency space, two people born in 1992 stand out: Do Kwon, Luna’s “father,” and Sam Bankman-Fried, CEO of the FTX exchange. While Kwon’s name is associated with scandal and he must run away, Bankman-Freed moves to a completely different extreme. He is regularly on the agenda and spends tens of millions of dollars lobbying to improve complex regulations in the cryptocurrency sector.

Sam Bankman-Fried was born in Stanford, California, to two Stanford Law School professors. Originally he wanted to pursue an academic career, but later switched to engineering. Bankman-Fried studied physics at the Massachusetts Institute of Technology.





Sam Bankman Fried is the CEO of FTX.  Photo: Bane Crypto

Sam Bankman Fried is the CEO of FTX. Colour: Go crypto

Nikkei quotes Barbara Freed, mother of Sam Bankman-Freed, as saying that by the age of 14 she became a different person with a “do to give” philosophy. Until he became one of the richest billionaires in the world according to the ranking. forbes In 2021 he is still following this lifestyle.

The western press called Bankman-Fried “an eccentric billionaire”. He keeps his style simple, is a vegetarian, and wears a t-shirt and shorts to work. “Sam Curly” lives with his best friend in a rented apartment. He’s known for only sleeping four hours a day in the chair next to his desk. Colleagues at FTX say Bankman-Fried gets up at 3am to take client calls and gets to work. Once he had not slept for 30 hours.

statistics Bloomberg shows that the net worth of the nine-time CEO was $25.9 billion at the end of March. As of Oct. 9, that number was around $15 billion. FTX, which he founded, pledged to donate 1% of its earnings to charity. To date, they have donated $10 million to foundations such as OpenAI Research Lab, Oxygen for India, Lighthouse Foundation, GiveDirectly. Sam Bankman-Fried has also repeatedly personally confirmed that he will be giving away most of his fortune. for social activities.

Bankman-Fried’s career has a lot in common with billionaire CZ – founder of the Binance exchange. After graduating, he worked as a teller for Wall Street retailer Jane Street and gained a background in finance. In 2017 he quit his job and founded Alameda Research, a cryptocurrency company. Initially, the company’s operating model was quite simple: buy cheap bitcoins in the US, then sell them at a higher price in Japan, return the money to the US and repeat the process. Like CZ, Bankman-Fried quickly recognized the huge potential of the burgeoning cryptocurrency sector. However, the limitations of the exchange at the time prompted both to open their own exchange. In 2017, the Czech Republic founded Binance, and a year later, Bankman-Fried also founded FTX in Hong Kong.

In conversation with NikkeiSam Bankman-Fried admits: “When I started, I didn’t even know anything about blockchain, bitcoin. I figured it out pretty quickly though.”

FTX is known for its sophisticated investment bank-like derivatives products, including futures, options, volatility indices, and leveraged tokens. They also allow trading in tokenized company shares or pre-market contracts. Investors can even invest in unlisted companies.

FTX is also known for its merger. Last year, he acquired LedgerX, a commodity futures exchange. In April, FTX acquired a large stake in IEX Group, owner of popular stock trading platform Flash Boys. A month later, Bankman-Fried announced that he had acquired a 7.6% stake in Robinhood Markets Inc.

When “crypto winter” came, Bankman-Freed was considered a hero. In June, after the collapse of Luna and TeraUSD, about 15 crypto companies contacted Bankman-Fried to lend money, including BlockFi and Celsius. 9x CEO thinks Celsius isn’t saved, but BlockFi still has a chance. On July 1, FTX made a $400 million loan to BlockFi with an offer to buy the company for $240 million. FTX has also lent $120 million to Liquid, a Japanese cryptocurrency exchange, to keep it operating and has begun to consider acquisitions. In June, FTX also agreed to buy Canadian cryptocurrency exchange Bitco.

Sam Bankman-Fried has also spent tens of millions of dollars on magazine advertising, outdoor billboards, hiring supermodels and famous stars to help investors keep their passion for cryptocurrencies alive despite the market downturn.

The CEO of 9x has made no secret of his ambition to “dominate the cryptocurrency market.” While the crypto billionaire is focused on making money, he is actively lobbying Parliament to support more open policies towards crypto. coin telegraph announced that Bankman-Fried had donated more than $5 million to Joe Biden’s presidential campaign in 2020. On Pushkin’s podcast, Bankman-Fried said he would spend $1 billion on American politics ahead of the 2024 election.

“I spend a lot of time talking to politicians about how crypto policy is developed. I think the most important thing right now is to secure federal control over the industry. It’s developing,” Bankman-Fried said. time.

Last week, an outdoor commercial for FTX at Union Station DC showed an image of billionaire Sam Bankman-Freed exploding and floating through the sky. This is rare in the cryptocurrency market. While other billionaires in the industry are trying to “hide” from the public and the government, FTX’s CEO is doing the opposite.

Billionaire Sam Bankman-Fried and FTX are expected to attend the Vietnam Blockchain Summit 2022 on October 19-20. The event was organized by the Vietnam Software and Information Technology Services Association (Vinasa) and the Vietnam Blockchain Association. Nam (VBA) took place in Hanoi. According to representatives of the two associations, the event will help promote the application of blockchain technology in Vietnam, marking the development of blockchain technology in the country and making Vietnam a destination for investors, regional and global blockchain developers.

Kyong Nha

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