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Sam Bankman-Fried Gained $10 Billion in Three Years in Crypto

Sam Bankman-Fried, the FTX exchange founder, has managed to gain quite a big sum of money thanks to crypto-assets over the previous three years.

Nicknamed SBF in the crypto community, he recently talked about his experience with the crypto industry, which started in 2018. He estimates that he now has a net worth of around $10 billion, with a big percentage of it in illiquid assets.

He joined the crypto world after seeing notable arbitrage opportunities and figured a way of taking advantage of the “Kimchi premium” (referring to the difference in BTC price between Korea and other countries).

The restrictions placed in Korea made him relocate to Japan. There, he moved even $25 million per day using intermediaries and local banks when the price discrepancy was at its highest.

He’s built a crypto empire under Alameda Research, moving over $2 billion every day.

In January, the FTX token had a rally of over 100%, outperforming BitMEX and Deribit in the process. It has recently reached a new ATH of $13.60.

SBF enjoyed a viral moment in mainstream media in November 2020, when he made a $5.2 million donation to the election campaign of Joe Biden. This made him the top contributor to Biden’s campaign after Michael Bloomberg. He made the donations thanks to the Biden team’s “generic stability and decision-making process.”

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