Crypto trading is by far the most unpredictable business of all time. One day you are on top of the world and are down in the dust the very next day. Unlike other business modules, crypto trading operates all online. That is why the nature of the online trading of digital currency is unseen and unpredictable. In conventional trades, you at least have a crystal ball of your business and know where your business is headed.
But, unlike this, you have no clue of what lies ahead of you if you are a crypto trader. The fall of FTX, the $30 billion crypto firm, is the epitome of the uncertainty of crypto trading. The CEO of the crypto firm, Samuel Bankman-Fried, saw the biggest loss of all time in November 2022.
Buzz Feed / The fall of FTX, the $30 billion crypto firm is the epitome of the uncertainty of crypto trading.
In November 2022, a deal between Binance and FTX imploded, shocking every crypto trader in the industry. Even for the commoners, the deal breaker was a shocking move. Within 24 hours, FTX lost $30 billion. That is right, $30 billion! And the reason for the loss? Well, it was a mere deal break between Binance – the leading crypto trader – and FTX.
Earlier in 2021, Binance had signed a contract with FTX whereby the crypto firm was all set to acquire FTX. But “things did not go as planned for Binance,” as the CEO of Binance, Changpeng Zhao, said in a tweet. Following the tweet, FTX was led to the brink of collapse. Not a loss of a few online currencies. But a loss of $30 billion.
Finance Yahoo / Following a deal break between Binance and FTX, the CEO of FTX, Samuel Bankman-Fried, saw a loss of $30 billion.
The CEO of FTX, Samuel Bankman-Fried, Losses $30 Billlion in No Time!
Of course, the fall of the largest crypto firm was seen after the deal with Binance fell through. One may wonder if it is just another story in the crypto world. But deep down, it is one of the historic climaxes in the life of Samuel Bankman-Fried, the CEO of the crypto firm.
Following the deal breakdown, the CEO knew that he messed up and his crypto empire was sabotaged in a matter of seconds. As he expressed in his tweet, the deal cancellation was one of the “furious shocks” of his life.
Online Trading / As a result of the deal with Binance falling through, Samuel Bankman-Fried saw the biggest loss in his entire career.
However, it is essential to note here that Samuel Bankman-Fried is not a mere normal crypto trader. Instead, he is one of the richest men of our time. In the crypto world, Samuel Bankman-Fried is a big name. And so was his crypto empire, FTX.
But things did not work out well for the CEO of the crypto empire. Things turned “way too south” for Samuel Bankman-Fried, as he himself highlighted in an interview with NBC News.
