FTX has just collapsed; Sam Bankman Fried’s net worth probably quite low
Huge news from the crypto world this morning: FTX (Sam Bankman Fried’s company and the third largest crypto exchange in the world) has paused customer withdrawals and announced it is entering negotiations with Binance to be acquired. The rumored acquisition price is $1.
This has major implications for the EA/Rationalist space, since Sam is one of the largest funders of EA causes. From what I’ve read his net worth is tied up almost entirely in FTX stock and its proprietary cryptocurrency, FTT.
I can’t find a source right now, but I think Sam’s giving accounted for about a third of all funding in the EA space. So this is going to be a painful downsizing.
The story of what happened is complicated. I’ll probably write something about it later.
FTX has just collapsed; Sam Bankman Fried’s net worth probably quite low
Huge news from the crypto world this morning: FTX (Sam Bankman Fried’s company and the third largest crypto exchange in the world) has paused customer withdrawals and announced it is entering negotiations with Binance to be acquired. The rumored acquisition price is $1.This has major implications for the EA/Rationalist space, since Sam is one of the largest funders of EA causes. From what I’ve read his net worth is tied up almost entirely in FTX stock and its proprietary cryptocurrency, FTT.I can’t find a source right now, but I think Sam’s giving accounted for about a third of all funding in the EA space. So this is going to be a painful downsizing.The story of what happened is complicated. I’ll probably write something about it later.Just read this: https://forum.effectivealtruism.org/posts/yjGye7Q2jRG3jNfi2/ftx-will-probably-be-sold-at-a-steep-discount-what-we-know