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FTX boss arrested and due in court
published on 2022-12-13 10:22:19 UTC by Simon FinlayContent:
Sam Bankman-Fried, the founder of the crashed cryptocurrency exchange FTX, has been arrested, according to reports.
Bankman-Fried was apprehended in The Bahamas and is scheduled to appear in a magistrates’ court in the Caribbean country’s capital, Nassau.
A BBC report said the 30-year-old is held on suspicion of “financial offences” against laws in the US.
FTX filed for bankruptcy in the US, leaving many users unable to withdraw their funds. There are an estimated 80,000 UK FTX customers.
FTX, which allowed clients to trade their cash for cryptocurrencies like Bitcoin, owed its 50 largest creditors almost $3.1bn (£2.5bn), according to court papers.
It is not known how much customers can reasonably expect to recover although industry observers estimate it will be a small fraction of their original investment.
https://securityjournaluk.com/ftx-boss-arrested-and-due-in-court/?utm_source=rss&utm_medium=rss&utm_campaign=ftx-boss-arrested-and-due-in-court
Published: 2022 12 13 10:22:19
Received: 2022 12 13 10:25:44
Feed: Security Journal UK
Source: Security Journal UK
Category: Security
Topic: Security
Views: 1
