The cryptocurrency platform FTX was ordered to compensate customers with more than 12 billion dollars – The Post

A court in New York has ordered that the cryptocurrency platform FTX – which went bankrupt in 2022 and was founded by Sam Bankman-Fried he was convicted to 25 years in prison for fraud – to pay compensation to its customers for a total of 12.7 billion dollars (11.6 billion euros), to compensate them for losses and damages due to fraud. According to the Commodity Futures Trading Commissionthe supervisory commission for financial derivatives markets, the largest compensation ordered for cases of this type.

The story of Bankman-Fried and FTX is additional one of the biggest financial frauds in the history of the United States: the entrepreneur would have used the money that customers put into the platform to live a luxurious life, buy million dollar properties in the Bahamas, give money to the Parties Democratic and Republican due to the elections of 2020. and of 2022 and to cover a large hole in the balance sheet of an investment fund that he also owned, Alameda Research. The 25-year sentence for Bankman-Fried is also one of the worst for a financial crime handed down in the United States in recent years.