Sam Bankman-Fried: 'Crypto genius' who lost $14.5 billion in a single day

Bankman-Fried vanished from the Bloomberg Billionaires Index after his net worth just vaporised, falling 94% in a single day

Once deemed as the genius of the cryptocurrency world, Sam Bankman-Fried or SBF as he is known, has been in the news lately but for uncomfortable reasons. On Friday, SBF resigned from FTX, while the cryptocurrency exchange will initiate bankruptcy proceedings in the United States. The announcements, made on the company's Twitter handle triggered what could be one of the biggest meltdowns in the industry as the third-largest crypto exchange left scores of investors in a fray after reports of insufficient liquidity came up.

The announcemnet come days after larger rival Binance walked away from a proposed acquisition and left it scrambling to raise