Sam Bankman-Fried Charged by US With Fraud Over FTX Collapse – Bloomberg

FTX founder Sam Bankman-Fried was charged with eight criminal counts, including conspiracy and wire fraud, for allegedly misusing billions of dollars in customers’ funds before the spectacular collapse of his cryptocurrency empire.

An indictment detailing the charges was unsealed by a federal court judge in Manhattan Tuesday morning following weeks of speculation the 30-year-old would end up in handcuffs after his company — one of the biggest cryptocurrency exchanges in the world — ended up in bankruptcy last month.

The indictment alleges that Bankman-Fried agreed with others “to defraud customers of FTX.com by misappropriating those customers’ deposits and using those deposits to pay expenses and debts of Alameda Research.”

Source: Sam Bankman-Fried Charged by US With Fraud Over FTX Collapse – Bloomberg