SBF and FTX face criminal investigation: Here’s what has happened so far

FTX, the second-largest crypto exchange in the world, collapsed last week with investors looking at billion of dollars in losses. According to reports, FTX founder Sam Bankman-Fried (SBF) allegedly used billions of dollars from customer money for his trading company Alameda Research. According to reports, SBF will likely face criminal charges and the office of the Manhattan US attorney is preparing these against him and his company. Here’s a look at what has happened so far in this latest crypto meltdown.

US SEC, Justice Department investigating

The US Justice Department and Securities and Exchange Commission (SEC) had already been investigating the cryptocurrency exchange before its collapse, according to the Wall Street Journal.