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Tags: TECH

How the fall of the 'King of Crypto' cost one British man millions

Until the final collapse, Sunil Kavuri hoped that Sam Bankman-Fried could turn things around.

The King of Crypto's empire was faltering but while others panicked, Kavuri remained calm.

Experience in trading for banks and investing his money in crypto made him hardened to market dramas.

Plus Bankman-Fried - the self-appointed saviour of crypto - kept telling the world that everything would be fine.

But then the message popped up on the screen - withdrawals suspended.

FTX - once the world's second-largest cryptocurrency exchange - filed for bankruptcy in November last year.

For Kavuri, years of savvy, stressful and successful trading were down the drain.

His $2.1m (£1.7m) was gone.

"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 says.

Kavuri - who lives in the East Midlands - was saving the money for a new house and to put his son through university, but now, nearly a year later, all he has is the paper trail of what was once his.

He is thought to be the worst-hit British victim of the FTX collapse.

FTX had been marketed as a safe way for anyone to get involved with crypto.

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