GREY:VYGVQ - Post Discussion
Post by
bligicka on Jun 27, 2022 8:53am
Sam Bankman-Fried Founder, FTX $20.4B
- Sam Bankman-Fried is one of the richest people in crypto, thanks to his FTX exchange and Alameda Research trading firm.
- The son of two Stanford law professors, he studied physics at MIT but was drawn to "effective altruism," the utilitarian-inflected notion of doing the most good possible.
- So he took a job trading ETFs at a quant firm, donating a chunk of his salary to charity, then jumped into crypto trading in late 2017, when he spied a lucrative arbitrage opportunity.
- Bankman-Fried launched his own exchange, FTX, in 2019. Built "by traders, for traders," it's one of the leading exchanges for buying and selling crypto derivatives.
- Investors valued FTX at $18 billion in 2021, helping make him one of the richest people under 30 in history. The exchange and its U.S. operations hit a combined $40 billion valuation in January 2022.
- Most of his wealth, which he says he will eventually donate to charity based on a philosophy called "earning to give," is tied up in ownership of about half of FTX and a share of its FTT tokens.
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