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Founder of FTX Cryptocurrency Arrested / Alleged Fraud Against Investors

2022-12-13 14:08:00, Tech CNA

Founder of FTX Cryptocurrency Arrested / Alleged Fraud Against Investors

Sam Bankman-Fried, founder of cryptocurrency exchange FTX, has been arrested today in the Bahamas.

"BBC" reports that the US Securities and Exchange Commission (SEC) has accused Sam Bankman-Fried of "organizing a fraudulent scheme for investors" for failing to carry out actions with FTX cryptocurrencies.

He will appear in a magistrate's court in the Caribbean nation's capital, Nassau, on Tuesday.

Police said Bankman-Fried, 30, was arrested for "financial violations" against laws in the US and the Bahamas.

Last month, FTX filed for bankruptcy in the US, and many of the company's investors were unable to withdraw their money.

According to a court filing, FTX owed its 50 biggest investors almost $3.1bn (£2.5bn).

Among the most serious charges against Mr. Bankman-Fried is that he used billions of dollars of clients' money to support his investment trading company, Alameda./ CNA.al





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