‘Years-Long Fraud’: Bankman-Fried Indicted for Money Laundering, Violating Campaign Finance Laws

FTX Trading Ltd., which is currently undergoing bankruptcy proceedings, was a cryptocurrency company first founded in 2019. The company had over one million customers and was valued at $32 billion in January 2022. Bankman-Fried’s mismanagement of $10 billion reportedly resulted in the collapse of FTX and its subsequent bankruptcy.