Why is Bankman-fried suing FTX?

FTX grew to become the second-largest cryptocurrency exchange in the world. The SEC complaint alleges that Bankman-Fried raised more than $1.8 billion from investors since May 2019 by promoting FTX as a safe, responsible platform for trading crypto assets.

Where did Sam Bankman-fried start FTX?

Before his FTX crypto exchange imploded and he went on trial for fraud, Mr. Bankman-Fried ran a global business empire spanning Berkeley, Calif., Hong Kong and the Bahamas. The road in front of the lot in Nassau, Bahamas, where Sam Bankman-Fried, the founder of FTX, planned to build the company’s headquarters. Marco Bello for The New York Times

Who is Samuel Bankman-fried?

Federal authorities on Tuesday disclosed more details in their case against Samuel Bankman-Fried, the disgraced founder of the cryptocurrency exchange FTX, a day after he was arrested in the Bahamas. Bankman-Fried is accused of defrauding customers and investors to fund a lavish lifestyle, officials said.

What happened to Bankman-fried?

In 2019, Mr. Bankman-Fried moved Alameda to Hong Kong, where the regulatory environment was friendlier to crypto companies. He soon started a new company, FTX, which people could use to buy and sell cryptocurrencies. In 2021, FTX bought the naming rights to the Miami Heat’s basketball arena.