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'King of Crypto' charged with fraud

The CEO of the cryptocurrency exchange FTX, Sam Bankman-Fried, has been arrested and charged with fraud

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The story  

3.1 billion dollars.

That's how much the cryptocurrency exchange company FTX owes to its 50 largest investors.

Sam Bankman-Fried, the founder and CEO, has been arrested and charged with fraud.

He's accused of transferring FTX money to his own hedge fund.

Key words and phrases

file
make something official by law

• The company have no more money so they are filing for bankruptcy.
• Ahmed and Mila have filed for divorce – they couldn't make the relationship work.

rise and fall
success and then failure of a person, organisation or thing

• What are you reading? The Rise and Fall of the Dinosaurs.
• The rise and fall of DVDs: why no-one buys them now.

white knight
someone or something that helps others

• They were saved by a white knight who bought the company.
• The donation was a white knight for the charity.

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