SJUK Masthead Black

UK investor ‘lost £1m’ in FTX collapse

January 16, 2023

FEATURED

A UK investor is reported to have lost £1m in the collapse of cryptocurrency trading platform FTX.

The customer is understood to be one of 13 to have made fraud reports to British police.

US-based FTX filed for bankruptcy on 11 November.

It is alleged its boss Sam Bankman-Fried, 30, had illegally diverted massive sums of customer money from the company to a second firm he owned, Alameda Research.

Sky News reported that a Freed of Information request made on behalf of the Investing Reviews website, 13 people made reports to Action Fraud, the official fraud reporting service.

According to a report, total loss reported was £1.16m, with the biggest individual loss being £1m.

Simon Jones, chief executive of InvestingReviews.co.uk, said: “The bad news is that the British investor who lost £1m is unlikely to ever see a penny of their money again.

“The Financial Conduct Authority has been at pains to warn investors about the dangers of cryptocurrency, so if you’re tempted, make sure you don’t put all your eggs in one basket.”

MORE UK SECURITY NEWS

Read Next

Security Journal UK

Subscribe Now

Subscribe
Apply
£99.99 for each year
No payment items has been selected yet