Indian-origin investor, 27, says he lost $2 million in FTX crash

Evan Luthra first invested crypto with FTX in 2020. (Image credit: evanluthra/Instagram)

Evan Singh Luthra, an Indian-origin entrepreneur, is among those who have lost their money after the collapse of cryptocurrency exchange FTX last month. Luthra said he lost more than $2 million after FTX went bankrupt.

“SBF (Sam Bankman-Fried) is rubbing it in on us,” Evan Luthra, 27, told the New York Post. He first invested crypto with FTX in 2020.

“(Bankman-Fried) knows what he did is a crime. He is rubbing it in and, through the media narrative he’s spinning, trying to pin it as a mistake. I have no doubt that he knew what was going on. He should be in jail.”

FTX filed for bankruptcy in November and Sam Bankman-Fried, its founder, stepped down as chief executive on November 11, after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal.

Bankman-Fried, 30, lost his billionaire status overnight as his personal wealth plummeted nearly 94 per cent to $991.5 million in a single day.

Last week, he attempted to distance himself from suggestions of fraud in his first public appearance since his company's collapse stunned investors and left creditors facing losses totaling billions of dollars.

"I didn't ever try to commit fraud," Bankman-Fried said in a video-link interview at the New York Times' Dealbook Summit.

Read: 'I screwed up,' says Sam Bankman-Fried. Top 10 quotes from first public appearance since FTX collapse

Until his fall, Bankman-Fried rode a cryptocurrency boom to a net worth that Forbes pegged a year ago at $26.5 billion. After launching FTX in 2019, he became an influential political donor and pledged to donate most of his earnings to charities.