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Breaking FTX Founder Sam Bankman-Fried Hit With 12 New Charges

1 min
Updated by Ali M.
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In Brief

  • FTX founder Sam Bankman-Fried faces 12 new charges related to fraud and money laundering.
  • Prosecutors allege that Bankman-Fried stole FTX customer deposits and used them to cover losses at his hedge fund, Alameda Research.
  • The case is ongoing and highlights the need for regulatory compliance and transparency in the cryptocurrency industry.
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In Manhattan federal court, a new superseding indictment against Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, was unsealed on Thursday, February 23. The indictment contains 12 charges, including eight counts of fraud, money laundering, and other charges related to the collapse of the now-bankrupt crypto exchange.

Bankman-Fried was previously charged with eight counts of fraud, money laundering, and other charges over the collapse of the exchange. He has pleaded not guilty to those charges.

FTX’s Sam Bankman-Fried “Exploited” the Trust of Investors

According to the new indictment, Bankman-Fried exploited the trust that FTX customers placed in him and his exchange by stealing FTX customer deposits and using billions of dollars in stolen funds for various purposes. Prosecutors allege that Bankman-Fried used the stolen customer funds to plug losses at Alameda Research, his hedge fund.

In addition, two former executives of Alameda and FTX have already pleaded guilty to fraud charges and agreed to cooperate with the investigation. Caroline Ellison, Alameda’s former chief executive, and Gary Wang, a former FTX executive, have both entered guilty pleas.

Bankman-Fried is a prominent figure in the crypto industry and has been a vocal advocate for regulatory compliance. The charges against him highlight the potential for illegal activities in the crypto market. It also puts a pin on the importance of transparency and accountability.

FTX Sam Bankman-Fried Donations
Source: Visual Capitalist

The case is ongoing, and Bankman-Fried is presumed innocent until proven guilty in a court of law. FTX has not yet released a statement on the matter.

This breaking news will likely significantly impact the cryptocurrency industry and the broader financial world. Further updates will be provided as they become available.


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Ali discovered the concept of Bitcoin in 2012 after reading the whitepaper. The idea of a decentralized, unrestricted, and censorship-resistant currency sparked his interest and...