US charges crypto tycoon Bankman-Fried with massive fraud

Cryptocurrency tycoon Sam Bankman-Fried faces massive fraud accusations as US prosecutors pressed criminal charges on Tuesday which could see the former billionaire imprisoned for the rest of his life.

The 30-year-old-cryptocurrency tycoon arrived at a Bahamas court on Tuesday, for his first-in-person public appearance. He was arrested a day before at the request of the US.

Bankman-Fried founded FTX in 2019, and was hailed as a rising star soon afterwards when the cryptocurrency exchange and hedge fund became one of the largest platforms of its kind worldwide.

His net worth last year was estimated to stand at $26.5 billion (€24.9 billion), according to Forbes. He also became a major donor to US political campaigns.