British Man Loses $2.1 Million in FTX Collapse: Report
A British man named Sunil Kavuri has reportedly suffered significant losses when the crypto exchange FTX collapsed in November. According to a report by the BBC, Kavuri may have experienced the largest investment loss among British citizens due to the FTX scandal.
Kavuri shares that he became concerned about his crypto investments on FTX when he received a message stating that withdrawals were suspended on the platform. He spent hours on his computer, desperately trying to contact FTX support and withdraw his money. The suspension of customer withdrawals occurred as Sam Bankman-Fried’s crypto empire crumbled, leading to him being charged by US prosecutors for mishandling customer funds and defrauding investors.
Blaming Bankman-Fried for Losses
Kavuri holds Bankman-Fried responsible for his losses and claims that the former FTX founder has ruined many lives. He mentions cases of individuals in Turkey left with only $600 in their bank account and another person hospitalized with panic attacks in Korea.
Kavuri has filed two civil lawsuits, including one against celebrities and crypto influencers who supported FTX. He trusted the exchange due to its well-established investment partners such as Sequoia Capital.
Despite the devastating loss, Kavuri still hopes to recover some of his funds.
Hot Take: Crypto Investor Suffers Massive Loss Due to FTX Collapse
A British man named Sunil Kavuri lost $2.1 million when the crypto exchange FTX imploded. Kavuri’s investments were meant to finance a new house and his son’s education. The suspension of withdrawals on FTX caused him immense stress as he desperately tried to retrieve his funds. Sam Bankman-Fried, the disgraced former FTX founder, is facing charges for mishandling customer funds. Kavuri blames Bankman-Fried for his losses and has filed lawsuits against him and celebrities who supported FTX. Despite the devastating blow, Kavuri remains hopeful that he will recover at least some of his investment.
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