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Sam Bankman-Fried, co-founder at crypto exchange FTX, tweeted Friday that he was “stunned to see things unwind the method they did,” after he stopped as president and the business and its associated entities declared insolvency.
See: Sam Bankman-Fried resigns as CEO of FTX as cryptocurrency exchange apply for Chapter 11 U.S. insolvency
The insolvency “does not always need to imply completion for the business or their capability to supply worth and funds to their consumers mainly, and can be constant with other paths,” Bankman-Fried tweeted Friday.
Bankman-Fried has actually seen his net worth plunge to nearly no from $16 billion in less than a week, according to Bloomberg Billionaires index.
FTX was when the 3rd biggest cryptocurrency exchange by trading volume. Bitcoin
BTCUSD,
fell 3.4% Friday to around $16,838, hovering at around a two-year low, according to the CoinDesk information.
An agent at FTX didn’t react to a demand looking for remark.
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