Sam Bankman-Fried Found Guilty of One of the Biggest Financial Frauds in History
SAM Bankman-Fried, once known as the Crypto King, has been convicted of committing one of the largest financial frauds in history. The founder of FTX, the world's second-largest digital coin exchange, could potentially face a maximum prison sentence of 110 years, marking a dramatic downfall.
FTX, Promoted by Celebrities, Accused of Swindling £8 Billion from Customers
Bankman-Fried, 31, gained significant attention for FTX, which attracted endorsements from celebrities such as supermodel Gisele, her ex-husband Tom Brady, and tennis star Naomi Osaka. However, the £26 billion company collapsed last November and faced accusations of defrauding over a million customers out of £8 billion.
Jury Finds Bankman-Fried Guilty of Lying to Investors and Money-Laundering
A jury in New York has now delivered a guilty verdict, convicting Bankman-Fried of deceiving investors, lenders, and committing seven counts of fraud and money-laundering. His sentencing is scheduled to begin in March. The case has tarnished the reputation of digital currency and sparked calls for increased regulation.
UK Intends to Implement New Crypto Rules for Customer Protection
The UK has announced plans to introduce new cryptocurrency regulations next year, with the goal of safeguarding customer funds and reducing financial risks. The fallout from Bankman-Fried's case has reinforced the need for stricter oversight in the digital currency realm.
Currys Sells Greek and Cypriot Business for £175 Million
Currys, the electrical group, has sold its Greek and Cypriot business, Kotsovolos, for £175 million. Although Kotsovolos contributed only 7% to Currys' overall revenues, the sale represents a third of the company's total value. As a result, shares rose by over 5%, and the proceeds will be utilized to repay debt and address the pension deficit.
Wickes Reports Increased Sales of Insulation Products
Demand for insulation products at DIY retailer Wickes has surged as Brits seek to reduce their heating bills. Despite a decline in overall sales of DIY products, Wickes experienced a 0.4% increase in total sales over the past three months. The company remains optimistic and plans to open more stores, even amidst concerns about weak consumer demand.
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