Financial TimesFinancial Times

‘Fraud in shorts and T-shirts’: The case against the FTX founder

By Joshua Chaffin

14 Dec 2022 · 4 min read

Editor's Note

The indictment of Sam Bankman-Fried offers new insights into the sudden collapse of his company, the FT reports. According to his court-appointed successor, there was "no record-keeping whatsoever."

The wheels of American justice do not turn nearly so fast as the cryptocurrency markets. But in the last 48 hours they caught up to Sam Bankman-Fried, the boy king of the shattered FTX crypto empire who now stands accused of perpetrating one of the largest financial frauds in US history.

A series of overlapping events unfolding in the Bahamas, Washington and Manhattan left 30-year-old Bankman-Fried in police custody, while offering fresh insights into how one of the digital token market’s dominant trading platforms suddenly collapsed into bankruptcy a month ago with $8bn in customer funds missing.

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