Published
Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, has been charged with defrauding investors of billions of dollars by the US Securities and Exchange Commission (SEC).
The SEC said Mr Bankman-Fried, who was arrested in the Bahamas on Monday, had “built a house of cards on a foundation of deception”.
It is alleged Mr Bankman-Fried used FTX customers’ funds for his privately-held crypto hedge fund, Alameda Research LLC.
A court filing shows FTX owed its 50 largest creditors almost $3.1bn.
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The SEC said Mr Bankman-Fried, who was arrested in the Bahamas on Monday, had “built a house of cards on a foundation of deception”.
It is alleged Mr Bankman-Fried used FTX customers’ funds for his privately-held crypto hedge fund, Alameda Research LLC.
A court filing shows FTX owed its 50 largest creditors almost $3.1bn.
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#BBCNews
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