British Indian Sunil Kavuri loses $2.1 mn in FTX collapse

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, the media reported.

“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. Kavuri spoke to global creditors, calling himself “FTX Creditor Champion” on social media.