FTX collapse shook the Industry on Wednesday when a report said that its CEO, Sam Bankman-Fried, has disappeared from the Bloomberg Billionaires Index after his wealth plunged nearly 94 per cent to $991.5 million in one day.
Binance CEO Changpend Zhao announced that he had reached a deal to acquire the platform after concerns emerged about FTX's insolvency, which led to slowing down withdrawals and a crash in the exchange's native token price.
Coindesk reported that Bankman-Fried was worth an estimated $15.2 billion but had $14.6 billion of his wealth wiped out overnight.
