Sam Bankman-Fried traded cryptocurrency ETFs, futures contracts, and stocks, as well as creating his own automated OTC trading system. Bankman-Fried left Jane Street Capital in 2017 to co-found Alameda Research with fellow programmer Gary Wang, with whom he studied at the Massachusetts Institute of Technology, and, in 2018, FTX Trading LTD and the FTX cryptocurrency derivatives exchange. By the end of 2019, the company was responsible for 5% of all global cryptocurrency trading volumes.
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According to Forbes, Bankman-Fried, 30, is one of the wealthiest crypto billionaires, with a net worth of $20.5 billion. In early 2022, FTX was valued at $32 billion. A billionaire among the world’s top 100 richest people has emerged as a savior for a $900 billion cryptocurrency market facing a deepening liquidity crisis.
According to him, the crypto exchange must “intervene, even if it is not beneficial to us, in order to stop the infection.” The lack of state regulation of the crypto industry prevents crypto companies from seeking assistance from the federal government. The collapse of cryptocurrencies is a stark contrast to the 2008 mortgage crisis, when the government bailed out the banks.