FTX ordered to pay $12.7M to customers, fraud victims ...Middle East

The Hill - Technology
FTX ordered to pay $12.7M to customers, fraud victims
source : The Hill ( Middle East ) () 115
The now defunct cryptocurrency exchange FTX and its sister company Alameda Research have been ordered to pay $12.7 million to their customers and fraud victims, the Commodity Futures Trading Commission (CFTC) announced Thursday.  FTX will pay $8.7 million in restitution and another $4 million to compensate victims of the “massive fraudulent scheme” orchestrated by Sam Bankman-Fried.  Bankman-Fried, who founded both FTX and Alameda, was convicted late last year on federal fraud and conspiracy charges related to his role in FTX's collapse. He was sentenced to 25 years in prison in March.  “Not only is this multi-billion dollar recovery for victims the largest such recovery in CFTC

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