FTX: UK investors report losses of £2m to police

CHARLIE CONCHIE

THE AMOUNT of lost cash reported by UK investors following the collapse of crypto exchange FTX has swelled to nearly £2m as burnt traders turned to the police in the hope of recovering their money, City A.M. can exclusively reveal.

A freedom of information (FOI) request revealed that City of London police were talking to 32 people who lost £1.9m after the collapse of Sam Bankman-Fried’s Bahamas-based exchange, which imploded in early November amid a rush by customers to withdraw cash from the platform.

The FOI request by trading website Investing Reviews showed how one UK-based trader spoken to by police lost over £1m in the firm’s collapse. Police said the youngest victim was a teenager, while the oldest was in their seventies.

Bankman-Fried is facing wire fraud charges in the US over the alleged use of customers’ money