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
China accuses UK politicians of ‘arrogance’ in British Steel row
In the red: global wine sales fall to lowest levels since 1961
Uyghur rights group calls on hotel chains not to ‘sanitise’ China abuses in Xinjiang