US accuses ‘crypto king’ Bankman-Fried of fraud!
Sam Bankman–Fried, the founder and former CEO of bankrupt cryptocurrency exchange FTX, was arrested on Monday from the Bahamas.
He is expected to be extradited to the US soon.
FTX founder is accused of eight offences including wire fraud and violation of campaign finance laws.
In November, the 30-year-old went from billionaire to broke overnight that stunned the crypto community
According to bankruptcy filings, the FTX now owes top investors an estimated $3.1bn (£2.6bn),
The FTX crypto exchange was once estimated at $32bn (£27bn)
FTX crypto exchange was used to allow people to trade normal money for Bitcoin.
According to the US Attorney for the Southern District of New York, Damian Williams, ” this is one of the biggest financial frauds in American history.”
Bankman-Fried will also face civil action from two US financial watchdogs.
Bankman-Fried is now under investigation over allegations that he manipulated the crypto market and mishandled customer funds.
Furthermore, he is also been accused of orchestrating trades to undermine the digital token Tether which risked a crypto crash.
Industry experts have now labelled him as a “fraudster” and some even suggested he go to prison.
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