Do Kwon had founded cryptocurrencies Terra and Luna, whose collapse wiped out billions of dollars for his investors. He is now a wanted man, and his location remains unclear.

The troubled platform's new CEO said it was hit by "unauthorized transactions," fueling rumors of a cyberattack or insider theft. FTX filed for bankruptcy protection after a crypto equivalent of a bank run.

FTX is suspected of misappropriating customer funds. The platform's founder and former CEO, Sam Bankman-Fried, lives in the island country.

John Ray III said the trading firm was poorly regulated in the Bahamas, where the company is headquartered. He also criticized the poor management style of his predecessor, Sam Bankman-Fried.

Police allege two men defrauded hundreds of thousands of people between 2015 and 2019. A joint US and Estonian operation to catch the suspects involved more than 100 police officers and around 15 FBI agents.

Former FTX Chief Executive Sam Bankman-Fried apologized Wednesday for a “lot of mistakes” in the abrupt collapse of the cryptocurrency firm and said he did not knowingly behave fraudulently.

Disgraced former CEO of FTX crypto exchange is arrested in the Bahamas Prosecutors will unseal a criminal indictment against Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, on Tuesday. He was taken into custody in the Bahamas on Monday.

The judge has tentatively set the trial for the founder of the now-bankrupt FTX crypto exchange for October 2. Bankman-Fried was also barred from accessing FTX or Alameda Limited assets, as a new bail condition.

2022 was a tumultuous year for crypto. One company fell after another, culminating with the spectacular collapse of the FTX cryptocurrency exchange and the arrest of its founder Sam Bankman-Fried, who is now under investigation for fraud.

Anatoly Legkodymov is accused of permitting users to launder hundreds of millions of dollars. His platform, Bitzlato, has been shut down by authorities.

The United States is taking a step towards protecting cryptocurrency investors, as the Securities and Exchange Commission moves towards new regulations. Tim Byun, Global Government Relations Officer at OKX, speaks to FRANCE 24 about the potential implications for the industry, and how the collapse of FTX affected public perception of the crypto sector.

Chinese cryptocurrency entrepreneur Justin Sun was charged with fraud. Several celebrities including Lindsay Lohan and Akon were accused of illegally promoting the currency.