Sam Bankman-Fried pictured leaving court last year Disgraced crypto king Sam Bankman-Fried will be sent to prison today as he’s sentenced for fraud and money laundering. The former billionaire is appearing in New York on Thursday after his cryptocurrency exchange company, FTX, went bust in 2022 with $8billion of customer funds missing. At its peak FTX was valued at $32billion , and Bankman-Fried became a business celebrity, promoting the firm and enticing millions of customers to invest.
Its name is an abbreviation of Futures Exchange and the company began with Alameda Research. In January 2022 FTX announced a $2billion venture fund named FTX Ventures, and a month later it announced it would start offering stock trading to US customers. It also created a gaming division to help developers add crypto, NFTs, and other blockchain assets into videogames. FTX went into bankruptcy proceedings on November 11, 2022.
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Source: MetroUK - 🏆 13. / 82 Read more »