Sam Bankman-Fried claims he only has $100,000 left in his bank account

Disgraced FTX founder Sam Bankman-Fried claims he has just $100,000 left in his bank account after the implosion of his cryptocurrency empire.

The remarks Monday marked Bankman-Fried’s first attempt to explain his current personal wealth during intense scrutiny over his handling of FTX’s finances. The firm’s new leaders have condemned Bankman-Fried’s management of the company as they navigate a disastrous bankruptcy.  

“Am I allowed to say a negative number?” Bankman-Fried told Axios regarding his personal finances. “I mean, I have no idea. I don’t know. I had $100,000 in my bank account last I checked.”

“It’s complicated. Basically everything I had was just tied up in the company,” Bankman-Fried added.

The paltry sum would be a dramatic plunge from Bankman-Fried’s estimated net worth of $16 billion before FTX collapsed this month. Bloomberg placed the value of FTX’s US branch at just $1 and removed Bankman-Fried’s $575 million stake in the retail stock trading platform Robinhood from its math after Reuters reported it was held by the now-defunct firm Alameda Research.

FTX owes its top creditors $3 billion.

The extent of Bankman-Fried’s personal wealth will face constant review as officials seek to recover FTX funds. In a recent court filing, FTX said it owed its top 50 creditors a whopping $3 billion, while Reuters previously reported that at least $1 billion in client funds – and potentially much more – is still missing.

Bankman-Fried secretly transferred $10 billion in FTX client funds in a failed bid to prop up Alameda Research and its risky bets, according to Reuters. Alameda, FTX’s sister company, has since been shuttered.

Sam Bankman-Fried
Sam Bankman-Fried’s net worth was valued at nearly $16 billion earlier this month.
CQ-Roll Call, Inc via Getty Imag

Bankman-Fried’s interview with Axios did not address claims in bankruptcy court that the FTX founder treated the company as if it were his “personal fiefdom.”

FTX’s new legal team alleged that Bankman-Fried and his close associates at FTX pillaged the company’s coffers, spending some $300 million on Bahamas real estate – with most of that money used to acquire mansions and beachfront property.

FTX is in the midst of bankruptcy proceedings.
AFP via Getty Images

Separately, the Wall Street Journal reported that Bankman-Fried cashed out $300 million last year just after FTX closed a $420.69 million fundraising round. At the time, Bankman-Fried reportedly told FTX investors the money was a partial reimbursement because he bought out rival platform Binance’s stake in the firm.

The allegations cut against Bankman-Fried’s attempts in recent years to portray himself as a humble, T-shirt-and-shorts-wearing benefactor to handpicked progressive causes and Democratic political candidates.

You May Also Like

Downed spy balloon raises diplomatic tensions between U.S. and China

The Chinese spy balloon might be down, but the diplomatic temperature continued…

Get engaged at Cracker Barrel and win free food for a year

by: Rachel Tucker Posted: Feb 5, 2023 / 07:01 PM CST Updated:…

‘Murphy Brown’ actor Charles Kimbrough dies at 86

Tony and Emmy-nominated actor Charles Kimbrough has died at the age of…

Melania Trump took central role in al-Baghdadi killing

Melania Trump played a central role during the October 2019 raid to…

House Oversight Chair James Comer is building a killer case against Joe Biden

When they hear James Comer speak with his lilting south-central Kentucky accent…

Explosion possible in wake of Ohio train derailment involving hazardous materials

As federal investigators worked to find out why a 150-car train derailed…

Liz Truss blames economic ‘orthodoxy,’ Conservative party for downfall

Former British prime minister Liz Truss blamed on Sunday the economic “orthodoxy”…

Viola Davis achieves EGOT status with Grammy win for audiobook

Actress Viola Davis has won a Grammy for the audiobook of her…

Floyd Mayweather says he is taking legal action against organizers of NFL celebrity basketball game

Floyd Mayweather says he is taking legal action against organizers of an…

'Dark Brandon' Returns in Desperate Attempt to Gloss Over Joe Biden's Weakness

The long journey of a Chinse spy balloon finally ended on Saturday…

Report: Did Biden Offer Putin a Secret Deal on Ukraine?

Joe Biden has poured out a ton of the time and treasure…

As many as 80K Marylanders could lose Medicaid eligibility

ANNAPOLIS, Md. (AP) — Maryland officials are preparing for as many as…