30-year-old billionaire loses entire fortune in hours

30-year-old billionaire Sam Bankman-Fried, one of the 10 youngest billionaires on Forbes' list, has lost his entire fortune in just 48 hours, according to Russian media reports.

This was triggered by the second largest cryptocurrency exchange, FTX, filing for bankruptcy in the U.S. Bankman-Fried, who held the position of CEO, has resigned.

The cryptocurrency market has experienced one of its strongest shocks in history this week. Initially, major cryptocurrencies dropped after news broke that the largest crypto exchange, Binance, was acquiring its competitor FTX. However, when Binance backed out of the deal at the last minute, the price of Bitcoin fell to a two-year low. FTX founder Sam Bankman-Fried lost his billions in record time.

Two months ago, Forbes estimated Sam's wealth at around $17 billion. He has lost 16 billion of that in a single night.

It is also reported that at least $1 billion in customer funds have vanished from the collapsed FTX crypto exchange. The company has stated that it intends to investigate "anomalous transactions."