This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.
https://www.wsj.com/articles/in-africa-ftx-posed-as-haven-from-tumbling-currencies-inflation-11674027751
Listen to article
(2 minutes)
Weeks before cryptocurrency exchange
FTX filed for bankruptcy, dozens of young Nigerians in skintight dresses and brightly colored suits shimmied under limbo bars, posed for photos in front of the company’s logo and sipped expensive liquor at a swanky beachfront venue.
The party in Lagos, Nigeria, was part of the Bahamas-based exchange’s push into Africa, where, in the final days before its implosion, FTX was aggressively recruiting new customers whose funds are now stuck in bankruptcy proceedings. U.S. prosecutors have charged FTX’s founder, Sam Bankman-Fried, with fraud for allegedly stealing billions of dollars of customer funds from FTX and of defrauding investors and lenders to his trading firm, Alameda Research. He has pleaded not guilty.
Continue reading your article with
a WSJ membership
Already a member?
Sign In
WSJ Membership
Customer Service
Tools & Features
Ads
More
Dow Jones Products
WSJ Membership
Customer Service
Tools & Features
Ads
More
Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.