Compensation order comes five months after founder Sam Bankman-Fried was jailed for role in collapse
A US court has ordered the bankrupt cryptocurrency exchange FTX to shell out $12.7bn (£9.9bn) to compensate customers and fraud victims, five months after its founder was jailed for his role in the collapse of the company.
The Commodity Futures Trading Commission (CFTC) said it was the “largest such recovery” in the regulator’s history and would help return funds to those affected by the “massive fraudulent scheme orchestrated by Sam Bankman-Fried, his now-bankrupt FTX group of companies, and a core group of FTX insiders”.
About Author
More Stories
Ripe for the picking? Irish wine on the up – but ‘nobody will retire rich’
Meta has ‘heard the message’ from Trump, says whistleblower Frances Haugen
Bezos’s Blue Origin schedules, then delays first orbital launch