The US government charged Samuel Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX, with a host of financial crimes on Tuesday.
NEW YORK—The US government charged Samuel Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX, with a host of financial crimes on Tuesday, alleging he intentionally deceived customers and investors to enrich himself and others, while playing a central role in the company’s multibillion-dollar collapse.
At a news conference on Tuesday, US Attorney Damian Williams in New York called it “one of the biggest frauds in American history,” and said the investigation is ongoing and fast-moving. Sporting shorts and t-shirts to contrast himself with the buttoned-down world of Wall Street, he was the subject of fawning media profiles, a vocal advocate for a type of charitable giving known as “effective altruism,” and garnered millions of Twitter followers.
US authorities said they will try to claw back any of Bankman-Fried’s financial gains from the alleged scheme. Before his arrest, Bankman-Fried had been holed up in his luxury compound in the Bahamas. US authorities are expected to request his extradition to the US. “We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto,” said SEC Chair Gary Gensler.
In the weeks after FTX’s collapse, but before his arrest, Bankman-Fried gave interviews to several news organizations in which he grasped for ways to explain what happened.
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