Following FTX's demise last month, which resulted in the destruction of billions of dollars' worth of user assets, the cryptocurrency ecosystem has suffered greatly from a lack of trust. FTX was “one of the biggest financial frauds” in history, SDNY says.
Federal prosecutors termed FTX's unexpected collapse "one of the biggest financial frauds in American history," on Tuesday, accusing founder and former CEO Sam Bankman-Fried (SBF) of defrauding investors while enriching himself.
The U.S. Attorney for the Southern District of New York, Damian Williams, laid out the available evidence in his first public speech following Bankman-Fried's unexpected arrest in the Bahamas late Monday. He also insisted that the probe was far from complete.
Driving the news: SBF's eight-count indictment detailed a number of areas of wrongdoing, including deceiving FTX's clients and investors and misleading lenders to Alameda, FTX's sister firm and hedge fund.
Additionally, he charged SBF wit...
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