The billionaire who caused the crypto market crash announced bankruptcy. His parents bought the estate for $121 million

Sam Bankman-Fried, the person who caused the gigantic crash on the cryptocurrency market, is trying to save his dwindling fortune. The young billionaire, who is responsible for the development of one of the largest cryptocurrency exchanges, FTX, was considered a genius until recently. However, it quickly turned out that his fortune was built on very shaky foundations.

Billions of dollars that are gone

However, the image collapsed like a house of cards when further information began to emerge that his company was built mostly of funds that did not physically exist, and its capital was only presumed, as most of it was digital assets issued by a company closely connected with FTX.

Information about the potential lack of liquidity of the stock exchange caused huge panic on the cryptocurrency market. It was bigger than what happened after the collapse of the Luna cryptocurrency created by Do Kwon.

FTX founder’s family buys expensive properties

According to Reuters, the founder of FTX is trying to save his fortune. However, he does it in such a way that during the company’s bankruptcy process, his funds are not secured against debts. According to the agency, Sam Bankman-Fried’s parents bought as many as 19 properties worth a total of $121 million in the Bahamas, the country where the billionaire lives and where his company was registered. It should be noted, however, that this happened over the last two years, i.e. not after information about the stock exchange’s financial problems.

The list of houses included mainly luxurious properties with private beaches. These include seven homes in the luxury resort of Albany, valued at $72 million.