Crypto entrepreneur's net worth has fallen from $25.6bn to $100,000 after his firm collapsed

A crypto entrepreneur says his nett worthy has fallen from $26.5bn to $100,000 aft his institution imploded.

Sam Bankman-Fried admitted it has been a "bad month" aft FTX collapsed into bankruptcy, leaving thousands of radical frozen retired of their savings.

The 30-year-old - who erstwhile positioned himself arsenic a saviour for stricken firms - has been accused of misusing lawsuit funds and moving $10bn retired of the institution successful secret.

To marque matters worse, reports suggest that astatine slightest $1bn has vanished.

But speaking astatine the New York Times' DealBook summit, helium insisted that helium has ne'er tried to perpetrate fraud, and said helium was "shocked" astatine however things unfolded.

FTX present has caller absorption arsenic it navigates bankruptcy, with its caller CEO declaring that helium had ne'er seen "such a implicit nonaccomplishment of firm controls" during his 40-year career.

It has been claimed that funds belonging to FTX users was mixed with funds astatine Alameda Research, a trading steadfast that Bankman-Fried besides ran.

FTX, a cryptocurrency speech that operated astir the world, collapsed arsenic panicked traders pulled $6bn retired of the institution successful conscionable 3 days aft a bid of bombshell allegations.

Speaking via video nexus from the Bahamas, Bankman-Fried said helium present has "close to nothing" pursuing his company's nonaccomplishment - and is down to 1 moving recognition card.

He has admitted that his businesses "completely failed" erstwhile it came to hazard management, and said this was "pretty embarrassing successful retrospect".

"Whatever happened, wherefore it happened, I had a work to our stakeholders, our customers, our investors, the regulators of the world, to bash close by them," Bankman Fried added.

While the embattled entrepreneur believes that American users should beryllium capable to get their wealth backmost successful full, Bankman-Fried has warned successful different interviews that planetary customers whitethorn lone get 20% to 25% of the wealth they had locked into FTX.

A fig of companies successful the cryptocurrency assemblage person collapsed successful caller months, coinciding with a crisp driblet successful the worth of Bitcoin.

Some businesses person been accused of offering involvement rates connected savings that were simply excessively bully to beryllium true, portion others person been likened to "Ponzi schemes".

The Bahamas has present launched a transgression probe into the circumstances surrounding FTX's demise.