Big Picture

FTX faces collapse

Bahamas

Sam Bankman-Fried, former CEO and founder of the FTX crypto

exchange, faces eight criminal charges in the US, including wire fraud, money laundering and conspiracy to defraud. He also faces civil charges including misleading investors who put more than $1bn into the company.

FTX saw customers clamour to withdraw massive funds and has left many investors unable to access their deposits in the exchange.

The company’s collapse has shaken the cryptocurrency market to its core: it’s already sparked international regulatory inquiries and a lawsuit against both the company and the celebrities who promoted it, including Larry David, Naomi Osaka, Gisele Bündchen, and Shaquille O’Neal.