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UK investors caught up in FTX collapse make reports to police

Thirteen investors caught up in the collapse of cryptocurrency trading platform FTX have made fraud reports to UK police.

FTX filed for bankruptcy on November 11 after it was alleged that then-chief executive Sam Bankman-Fried, 30, had illegally diverted massive sums of customer money from the company to a second firm that he owned, Alameda Research.

According to a Freedom of Information request made on behalf of the Investing Reviews website, 13 people made reports to Action Fraud, the UK’s national reporting centre for alleged fraud, in November last year.

The total loss reported was £1.16 million, with the biggest individual loss at £1 million.

Simon Jones, chief executive of InvestingReviews.co.uk, said: “The bad news is that the British investor who lost £1 million 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.”

City of London Police said that it has passed details of the reports to the US authorities.

Bankman-Fried denies criminal charges linked to the collapse of FTX and is due to face trial in the US in October.