FTX Exchange CEO Gains Billions From Crypto Investment

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Sam Bankman-Fried, the CEO of FTX exchange, has recently revealed that he has made a massive profit within a few years by trading in cryptocurrency. SBF informed New York Magazine that his current estimated worth is $10 billion. The FTX CEO is a former trader of Wall Street and began his journey in cryptocurrency investment in 2018. 

SBF stated that he noticed the great opportunity of the crypto market and made his way to get benefits from ‘Kimchi premium’. The price difference between the Bitcoin price in Korea and in the remaining parts of the world is referred to as ‘Kimchi premium’.

FTX Token Takes A Giant Leap Of 100%

Recently, the cryptocurrency exchange has a turnover of over $2 billion per day. CEO Sam Bankman-Fried is now emphasizing FTX crypto exchange and the Solana based decentralized finance project Serum.

The exchange token raised to 100% in January surpassing the open interest of Deribit and BitMEX.It reached its all-time high at $13.60 recently.

SBF grabbed the attention of the media in November last year as he donated $5.2 million for Biden’s election campaign. He became the second significant contributor to Biden’s campaign after Michael Bloomberg.

According to New York Magazine, after SBF began his investment in the cryptocurrency market with ‘Kimchi premium’, he faced restrictions in Korea. He went for Japan and made a profit of $25 million each day with local banks and intermediaries.

Recently, FTX was added to the WallStreetBets index which includes DOGE, AMC, and GME. More than $100 million in bets were set on the exchange token on the election night.

The FTX exchange and Alameda Research CEO wishes to flourish his business with his blockchain-based DeFi project Serum.