February 27, 2024
FTX: 'King of Cryptocurrencies' Accused of Fraud in US

FTX: ‘King of Cryptocurrencies’ Accused of Fraud in US

Sam Bankman-Fried during testimony in the US House of Representatives

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Sam Bankman-Fried was known as the ‘King of Cryptocurrencies’.

U.S. prosecutors on Tuesday indicted businessman Sam Bankman-Fried, the so-called “king of cryptocurrencies.”

He faces eight criminal charges after being arrested Monday night in the Bahamas.

The charges against the founder and former CEO of cryptocurrency platform FTX include conspiracy to defraud the United States, wire fraud, securities fraud and money laundering.

A federal court in Manhattan, New York announced that the 30-year-old businessman has been charged with misappropriating hundreds of millions of dollars from his company’s clients.