Founder of FTX Exchange Faces 8 Criminal Charges in Relation to $30 Billion Collapse

Bankman-fried, the founder of ftx, is facing eight criminal charges, including fraud and conspiracy to commit money laundering, in relation to the exchange’s collapse. bankman-fried co-founded ftx in may 2019 with gary wang and was able to quickly attract investors such as pantera capital, sequoia capital, and others.

Charges were brought against bankman-fried on august 31st, 2020, and his trial date is set for october 2nd. the exchange was based in singapore, and had previously bought out binance’s equity shares in the company.

Its collapse, ftx had recorded $30 billion in daily volume, second only to binance. this move proved pivotal in its undoing, as the exchange was unable to handle the influx of investors and their trades, leading to its eventual downfall. bankman-fried’s charges stem from the alleged fraudulent activities related to the exchange’s collapse.

By Evey Lovelace

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