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UK investor who lost £1m in FTX collapse among 13 people to report fraud to police

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A UK investor who allegedly lost £1million in the collapse of cryptocurrency trading platform FTX is among 13 people to report fraud to UK police.

FTX filed for bankruptcy on November 11 after it was alleged that the then chief executive Sam Bankman Fried30, had illegally diverted huge sums of money from company clients to a second company he owned, Alameda Research.

According to a Freedom of Information request made on behalf of the Investing Reviews website, 13 people reported to Action Fraud in November.

Action Fraud is the UK’s national reporting center for suspected fraud.

The reported total loss was £1.16m, with the biggest individual loss being £1m.

Simon Jones, managing director of InvestingReviews.co.uk, said: “The bad news is that the UK investor who lost £1million is unlikely to ever see a penny of his money back.

“The Financial Conduct Authority has gone out of its way to warn investors of the dangers of cryptocurrency, so if you’re tempted, make sure you’re not putting all your eggs in one basket.”

Read more from Sky News:
All flights across the United States blocked due to computer problem

City of London Police said they had passed details of the reports to US authorities.

Bankman-Fried denies criminal charges related to the FTX collapse and is due to stand trial in the United States in October.

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