A United States court has directed the collapsed crypto exchange FTX to pay $12.7 billion to reimburse customers and victims of fraud, a few months after the company’s founder was imprisoned due to his involvement in the company’s downfall. The Commodity Futures Trading Commission (CFTC) announced that this marks the largest recovery in its history, aimed at returning funds to those harmed by the extensive fraudulent activities led by Sam Bankman-Fried, the now-insolvent FTX and a select group of FTX insiders.
FTX failed in 2022 after a notable decline in the price of cryptocurrencies. The creator, Bankman-Fried, was found guilty of conspiracy to commit money laundering and fraud. He was sentenced to 25 years in prison in March and has also been forced to forfeit assets valued at…
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