British Indian Sunil Kavuri reveals $2.1 mn loss in FTX collapse

For Kavuri, who lives in the East Midlands in the UK, years of savvy, stressful and successful trading were down the drain when he lost $2.1 million (1.7 million pounds), reports the BBC

London: As collapsed cryptocurrency exchange FTX’s founder Sam Bankman-Fried is set to go on trial for multiple fraud charges, British Indian Sunil Kavuri has revealed he lost $2.1 million in the FTX collapse, becoming one of the worst-hit victims.

Bankman-Fried’s first criminal trial is scheduled for October 3 where he is likely to face seven criminal charges related to misuse of user funds at FTX and Alameda Research. For Kavuri, who lives in the East Midlands in the UK, years of savvy, stressful and successful trading were down the drain when he lost $2.1 million (1.7 million pounds), reports the BBC. “I was on the computer for basically 24 hours refreshing the page and trying to email the FTX support desk to get my money out. I felt sick. I just thought, ‘Oh my God, that’s it. I’ve lost everything’,” he was quoted as saying in the report.

Kavuri was saving the money for a new house and to put his son through university. Nearly a year later, all he has is the paper trail of what was once his. FTX — once the world’s second-largest cryptocurrency exchange — filed for bankruptcy in November last year.

Next week, US prosecutors will begin their high-profile trial accusing Bankman-Fried of seven charges of fraud, conspiracy and money-laundering. “Sam Bankman-Fried has literally destroyed so many people’s lives,” said Kavuri. Kavuri spoke to creditors from all over the world, calling himself “FTX Creditor Champion” on social media.

He has also set up Telegram groups, where people share stories about their desperation. Kavuri also blamed influencers and celebrities who promoted FTX and Bankman-Fried as safe and trustworthy.