The U.S. attorney’s office for the Southern District of New York officially charged cryptocurrency exchange FTX’s founder Sam Bankman-Fried (SBF) with eight counts of fraud and conspiracy, calling the collapse of FTX “one of the biggest financial frauds in American history.” The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission also sued SBF for fraud on the same day. These lawsuits came just the day after the Royal Bahamas Police Force arrested SBF.
Although the FTX case dealt with cryptocurrency, the crime SBF was alleged to have committed was no different than Bernie Madoff’s, which was stealing money from
