A British man reportedly lost millions of dollars when the now-defunct crypto exchange FTX imploded in November.
According to a new BBC report, Sunil Kavuri may have suffered the biggest investment losses as a result of the FTX scandal than any other British citizen.
Kavuri tells the BBC that he started to worry about his crypto investments on the FTX exchange when he received a message that withdrawals on the platform had been suspended.
“I basically sat at the computer for 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.’”
According to the BBC, Kavuri planned to use his crypto investments to buy a new house and pay for his son’s university education.
The platform’s suspension of customer withdrawals came as the crypto empire built by disgraced former FTX founder Sam Bankman-Fried collapsed around him.
Bankman-Fried was eventually charged by U.S. prosecutors with mishandling billions of dollars in customer funds and defrauding investors. His trial is expected to begin next week.
Kavuri blames Bankman-Fried for his losses.
“Sam Bankman-Fried literally destroyed the lives of so many people…
One person in Turkey was left with just €600 in his bank account after losing everything, and one in Korea was hospitalized with panic attacks.”
Kavuri has also filed two civil lawsuits, including one against celebrities and crypto influencers who support FTX.
Kavuri says FTX’s established investment partners, such as Sequoia Capital, have helped boost his confidence in the exchange.
“I saw that there were huge groups [had] basically they got their stamp of approval from FTX and I thought, ‘Okay, this has to be a legit exchange.’
Kavuri remains hopeful that he will recover at least some of his lost money.
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