How the fall of the ‘King of Crypto’ cost one British man millions.
One British man tells how he lost a fortune after the collapse of Sam Bankman-Fried’s company.
Sam Bankman-Fried seemed to have a chance until the final collapse.
As Crypto’s empire faltered, Kavuri remained calm while others panicked.
Investing in crypto and trading for banks made him hardened to market dramas.
Bankman-Fried – the self-appointed saviour of crypto – told everyone everything would be fine.
A message popped up – withdrawals were suspended.
As of November last year, FTX was the second-largest cryptocurrency exchange in the world.
Kavuri’s years of successful and savvy trading were gone.
$1.75m (£1.7m) was gone.
It took me 24 hours to get my money out. I felt sick. I just thought, “Oh my God, I’ve lost everything,” he said.
Almost a year later, Kavuri has nothing but the paper trail of what was once his in the East Midlands.
The collapse of FTX is thought to have hit him hardest.
Anyone could get involved with crypto with FTX.
People could trade money for crypto coins and store their funds on the exchange, like an unregulated bank.
In 100 countries, it had nine million customers. More than a million users were left out of pocket when it collapsed. Businesses, investors, and even charities lost money, court documents show.
Sam Bankman-Fried will face seven charges of fraud, conspiracy, and money laundering next week. In the past, Bankman-Fried said, “I didn’t steal funds.”
He will travel from prison to a courthouse in New York to defend himself against the charges against FTX and Alameda Research.